Futures Movers: Oil gives up gain late, ends down almost 5% for week as China demand worries overhang market

by | Nov 25, 2022 | Stock Market

Oil futures settled lower Friday, giving up modest gains held for most of the day, and wrapping the holiday week down nearly 5% , a third straight weekly drop. Investors weighed prospects for Chinese demand and monitored talks over a price cap on Russian crude. U.S. stocks were higher in an abbreviated Black Friday session, as thin postholiday trading volumes spread to most U.S. markets. The Dow
finished at its highest level since April as the blue-chip gauge neared a bear-market exit. The U.S. Dollar index
was up 0.2%.

Don’t miss: Fed’s Bullard set to talk inflation, interest rates in MarketWatch Q&A MondayPrice action
West Texas Intermediate crude for January delivery


fell $1.66, or, or 2.1%, to $76.28 a barrel on the New York Mercantile Exchange. It fell 4.78% for the week. U.S. markets were closed Thursday for Thanksgiving Day.

January Brent crude
the global benchmark, settled down $1.71, or 2%, to $83.63 a barrel on ICE Futures Europe. January Brent settled just in negative territory Thursday. It shed 4.6% for the week. February Brent

the most actively traded contract, was down $1.53, or 1.8%, at $83.71 a barrel. It notched a weekly decline of 3.9%.

Back on Nymex, December gasoline
fell 6% to $2.328 a …

Article Attribution | Read More at Article Source

Share This