Oil futures finish lower, with U.S. prices down over 3% for the week
Oil futures settled lower on Friday, with U.S. prices losing more than 3% for the week as rising global cases of COVID-19 threaten to slow demand for energy. "The market remains without a clear direction, but sentiments are to the negative" given the decision by major oil producers to gradually increase production, the potential addition of Iranian oil, and a continued rise in U.S. oilfield
Oil prospects settled lower on Friday, with U.S. costs losing over 3% for the week as rising worldwide instances of COVID-19 take steps to moderate interest for energy. "The market stays without a reasonable heading, yet notions are to the negative" given the choice by significant oil makers to bit by bit build creation, the possible expansion of Iranian oil, and a proceeded with ascend in U.S. oilfield action, said Manish Raj, CFO at Velandera Energy. May West Texas Intermediate unrefined fell 28 pennies, or 0.5%, to settle at $59.32 a barrel on the New York Mercantile Exchange. Costs lost 3.5% from the settlement on April 1, which denoted the finish of the occasion abbreviated week.