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