Futures Movers: Oil prices move higher, but set for weekly loss amid demand worries

by | Jun 24, 2022 | Stock Market

Crude prices were set to rise for the first session in three on Friday, though set for a weekly loss as the market has tried to buck worries over economic slowdowns that could cut into demand.Price action
West Texas Intermediate crude for August delivery 
CL00

CL

CLQ22

CL.1, 1.00% CL00, 0.99% CLQ22, 1.00% rose $1.35, or 1.3% to $105.62 a barrel. The contract fell 1.8% to settle at $104.27 a barrel on the New York Mercantile Exchange on Thursday. Based on the front month contract, prices ended at their lowest since May 10, according to Dow Jones Market Data.

Front month August Brent crude 
BRN00

BRNQ22,
the global benchmark, rose $1.30, or 1.1%, to $111.35 a barrel, after dropping 1.5% to $110.05 a barrel on ICE Futures Europe, the lowest since May 18.

Back on Nymex, July gasoline 
RBN22
rose 1% to $3.805 a gallon, while August heating oil 
HOQ22
was steady at $4.219 a gallon.

July natural gas 
NGN22
 dipped slightly to $6.236 per million British thermal units, the lowest since April 6.

Market drivers U.S. crude is down 2.2% for the week as of Thursday, while Brent has dropped about 1.4%. Lost ground for the commodity is partly tied to concerns that aggressive Federal Reserve rate hikes would slow economies, curbing demand for the commodity.

But oil was tracking U.S. equity futures higher on Friday, with gains stemming fr …

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