Showing posts with the label Crude Oil at Close Repòrt

Crude Oil at Close Report: US oil drops 2.6% to $51.20 a barrel amid weak China economic data

Tom DiChristopher Jerome Favre | Bloomberg | Getty Images Oil prices dropped on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world’s biggest oil importer. Brent crude futures fell $1.33, or 2.16 percent, to $60.12 a barrel. U.S. West Texas Intermediate (WTI) crude futures dropped 2.6 percent to settle at $51.20 a barrel. Global benchmark Brent was set for a weekly loss of about 2 percent, while WTI was on track to decline 2.7 percent. “The oil complex remains vulnerable to heavy selling into the equities especially when combined with a strengthening in the U.S. dollar as is the case so far today,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note. U.S. equity markets broadly fell as China’s November retail sales grew at their weakest pace since 2003 and industrial output rose the least in nearly three years. The report highlighted the risks of