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Oil prices settle lower on fears about China turbulence, but score a weekly gain

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Oil futures settled lower Friday, with U.S. prices breaking the longest winning streak in more than a year over worries about China growth and fresh friction between Washington and Beijing.

Oil prices declined “thanks to growing doubts over the strength of China’s economic recovery, while rising tensions between the Beijing and Washington hit the commodity further,” said Lukman Otunuga, senior research analyst at FXTM.

“Although oil may find support as economies relax lockdown measures, upside gains are destined to be capped by rising fears over slowing global growth and geopolitical tensions,” he told MarketWatch.

“Looking at the technical picture, WTI crude could slip back towards $24 if $30 gives way,” he said.

July West Texas Intermediate oil
CLN20,
-1.82%

CL.1,
-1.82%

fell 67 cents, or 2%, to settle at $33.25 a barrel on the New York Mercantile Exchange. On Thursday, the contract posted a gain for a sixth straight session—the longest since February 2019, according to Dow Jones Market Data. Prices rose 1.3% Thursday to settle at $33.91—the highest since March 10, based on the front-month contracts.

Global benchmark Brent crude for July delivery
BRN.1,
+0.05%

BRNN20,
+0.05%

lost 93 cents, or 2.6%, to $35.13 a barrel on ICE Futures Europe.

For the week, WTI crude finished 12.6% higher and Brent tacked on 8.1%, with…



Source marketwatch.com

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