Oil futures declined on Friday, pressured by concerns about global energy demand, but U.S. prices managed to tally a gain for the week, their third in a row, as OPEC output cuts and U.S. sanctions on Venezuela and Iran look to further tighten supplies.
Data Friday showed the IHS Markit flash purchasing managers index for manufacturing in March fell to a 21-month low, with the U.S. flash manufacturing PMI at 52.5 in March from 53 a month earlier. The purchasing-managers-index readings for the eurozone also came in much weaker than expected.
The data as well as a slump in Treasury yields ” and an inversion of the yield curve ” underlined worries over global growth prospects”and energy demand.
West Texas Intermediate crude for May delivery on the New York Mercantile Exchange fell 94 cents, or 1.6%, to settle at $59.04 a barrel. The front-month contract turned lower for the week, losing 0.4% from the week-ago finish, according to Dow Jones Market Data.
May Brent crude lost 83 cents, or 1.2%, to $67.03 a barrel on ICE Futures Group, for a 0.2% weekly decline.
Source : Market Watch
Oil prices fell on Friday in Asia even afterthe Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to increase output cuts by nearly 50% in early 2020. U.S. Crude Oil WTI Futures traded 0.3% lower to $58.27 by 12:29 AM ET (04:29 GMT). International Brent Oil Futures were...
Oil sputtered near $58 a barrel as the OPEC+ coalition failed to pin down the details of an agreement to adjust its official output target even after six hours of talks in Vienna. Futures were little changed in New York after gyrating throughout the previous session. While the Organization of ...
Oil prices edged lower in muted trading on Thursday ahead of the start of OPEC meetings later in the day, steadying after the previous session's steep gains on a sharp drop in U.S. crude inventories and expectations of more output cuts. Brent crude futures dipped 10 cents, or 0.2%, to $62.90 a barr...
Oil held firm in Asian trading Thursday after surging on increasing optimism for a U.S.-China trade deal, a sharp drawdown in U.S. crude inventories, and as OPEC and its allies prepared to discuss extending or possibly deepening output limits. Futures in New York were little changed after surging 4...
Oil gained on Wednesday ahead of meetings this week where OPEC and its allies are expected to extend production curbs to support the market, while industry data showing that U.S. crude stockpiles fell more than expected helped to lift prices. Brent crude (LCOc1) futures were up 44 cents, or 0.7%, a...