Oil futures steady Friday, but remain on track for a losing week as worries about the economic outlook stoke demand worries.
Oil futures steadied Friday, but were on track for big weekly losses as worries about the economic outlook stoked demand worries.
... Oil futures steadied Friday, but were on track for big weekly losses as worries about the economic outlook stoked demand worries. Oil has stumbled the past week, with analysts partly blaming worries that ongoing monetary policy tightening by the Federal Reserve and other major central banks will spark a sharp global economic slowdown, offsetting previous optimism over China’s economic recovery following the lifting of strict COVID-19 curbs in late 2022.
In addition to skepticism over Chinese demand, reports that Russian crude shipments continue despite sanctions and embargoes have also weighed on oil prices, said Carsten Fritsch, commodity analyst at Commerzbank, in a Friday note.
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