Oil futures post a loss for the week on demand concerns

0
23

Oil futures settled lower on Friday, contributing to a loss for the week. Market bears are concerned that “oil demand may not persist amidst the cloudy macro-economic environment,” said Manish Raj, chief financial officer at Velandera Energy Partners. “On the one hand we have [a] potential GDP slowdown due to rising interest rates and on the other hand, we are facing demand destruction due to high energy prices.” West Texas Intermediate crude for June delivery CLM22, -1.97% fell $1.72, or 1.7%, to settle at $102.07 a barrel on the New York Mercantile Exchange, with prices for the front-month contract down 4.1% for the week.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleThe Moneyist: ‘I feel deceived’: After 20 years of paying my student loan, I discovered I don’t qualify for forgiveness. My loans total $167,000. What can I do?
Next articleTop Ten: Weekend reads: How to position your investments before the Federal Reserve causes a bear market

LEAVE A REPLY

Please enter your comment!
Please enter your name here