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
DJIA,
+0.23%
finished at its highest level since April as the blue-chip gauge neared a bear-market exit. The U.S. Dollar index
DXY,
-0.01%
was up 0.2%.

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West Texas Intermediate crude for January delivery
CL.1,
-1.78%

CL00,
-1.78%

CLF23,
-1.78%
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
BRNF23,
+0.33%,
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
BRN00,
+0.16%

BRNG23,
+0.16%,
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
RBZ22,
-4.72%
fell 6% to $2.328 a …

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