Crude prices post their first weekly decline in three weeks
Oil futures declined on Friday, with U.S. benchmark prices marking their lowest settlement in more than two weeks.
Strong data “provides the Fed with greater leeway to sustain its restrictive monetary policy for an extended period. This dynamic constrains economic growth and suggests reduced future oil demand, contributing to the price decline,” said Ricardo Evangelista, senior analyst at ActivTrades, in a note. Overall this week, analysts have been “chasing price action rather than forecasting it,” because of “fluctuating price action without clear direction,” Stephen Innes, managing partner at SPI Asset Management, told MarketWatch.
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