Oil futures snapped a run of seven straight weekly gains as worries about Chinese demand, rising bond yields and a stronger dollar take a toll.
Oil futures ended higher Friday, but tallied their first weekly loss in eight weeks as worries about Chinese demand, rising bond yields and a stronger dollar took a toll.
“Saudi Arabia continues to slash supplies to global markets in an effort to flush out bearish speculators and support prices,” he said, while “Chinese economic woes continue to provide gale-force headwinds to oil demand growth.” In a Friday note, Michael Tran, commodity strategist at RBC Capital Markets, said that “while Chinese macro data has underwhelmed over recent weeks, end-use refined product data looks far from terrible.”
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