Oil Pulls Back, But U.S. Prices Tally a Third Straight Weekly Gain
Saturday, 23 March 2019 04:05 WIB |
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