Oil looked set for a weekly loss on Friday after prices retreated Thursday amid concerns that inflation will stay higher for longer and hamper demand.
Oil prices appeared headed for a weekly loss on Friday despite recovering some from a retreat on Thursday as markets reacted to concerns that elevated inflation could continue to stick around and hurt demand. U.S. West Texas Intermediate crude futures were up 1.13% to $77.74 as of 3:24 p.m. ET, while the Brent crude July contract rose to $82.13. On Thursday, Brent closed at its weakest since February 7 and U.S. WTI futures at their lowest since February 23. Brent was on track to close down 2.
Petroleum prices remain soft in early Friday dealings, with worries over Federal Reserve interest rate policy and last week's bump in U.S. crude oil inventories still weighing on market sentiment," said Tim Evans, an independent energy analyst.
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