U.S. oil futures log first weekly losses in 8 weeks

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Oil futures declined on Friday, with U.S. prices posting a loss of more than 9% for the week. “Demand concerns are on the rise because of growing expectations that the global economy is heading for a slowdown in the coming months,” said Fawad Razaqzada, market analyst at City Index and FOREX.com. West Texas Intermediate crude for July delivery CLN22, -6.05% fell $8.03, or 6.8%, to settle at $109.56 a barrel on the New York Mercantile Exchange. The weekly loss for U.S. benchmark crude followed seven straight weeks of gains, FactSet data show.

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

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