: U.S. oil futures settle lower, down 11% for the week

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U.S. oil futures settled lower on Friday to post a weekly loss of 11%. The “short-term crude demand outlook has deteriorated significantly as no one has a strong handle on how bad a recession will hit the U.S. economy,” said Edward Moya, senior market analyst at OANDA. U.S. benchmark WTI crude for January delivery CLF23, +0.17% fell 44 cents, or 0.6%, to settle at $71.02 a barrel on the New York Mercantile Exchange, with prices ending at their lowest since Dec. 20, 2021, according to Dow Jones Market Data.

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

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