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.
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