US oil futures settled lower on Friday posting a weekly loss of 11%. The “near-term outlook for crude oil demand has deteriorated significantly as no one knows exactly how badly a recession will hit the US economy,” said Edward Moya, senior market analyst at OANDA. US benchmark WTI crude for January delivery
CLF23,
fell 44 cents, or 0.6%, to $71.02 a barrel on the New York Mercantile Exchange, with prices closing at their lowest since December 20, 2021, according to Dow Jones Market Data.
