Oil futures declined on Friday, with U.S. prices losing almost 2% for the week. “Besides contending with the prospects of a recession, oil prices were met with a barrage of bearish signals this week: growing U.S. crude inventories, the higher-than-expected U.S. jobless claims, China’s still uneven recovery, as well as with the imminent resumption of Iraq’s oil exports,” said Han Tan, chief market analyst at Exinity Group. “Such downcast reminders have offset the boost from incoming OPEC+ supply cuts, along with the prospects of the U.S. soon refilling its strategic reserves.” June West Texas Intermediate crude
CLM23,
fell 83 cents, or 1.2%, to settle at $70.04 a barrel on the New York Mercantile Exchange. Front-month prices declined 1.8% for the week, down a fourth consecutive week, according to Dow Jones Market Data.