OPEC+ could extend supply cuts beyond June
NEW YORK – Oil prices settled lower on Friday, and posted their steepest weekly loss in three months as investors weighed weak US jobs data and possible timing of a Federal Reserve interest rate cut.
"The economy is slowing a little bit," said Tim Snyder, economist at Matador Economics. "But gives a path forward for the Fed to have at least one rate cut this year," he said. US energy companies this week cut the number of oil and natural gas rigs operating for a second week in a row, to the lowest since January 2022, Baker Hughes said in its closely followed report on Friday.
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