Economics

Oil Slips as Banks, Finance Ministers Signal Economic Challenges

WTI futures drop almost 1% on Monday after six weekly advances
Despite dip, fundamentals ‘still very strong,’ says TD’s Melek

Pump Jacks extract crude oil from oil wells in Midland, Texas, U.S., on Monday, Dec. 17, 2018.Photographer: Angus Mordant/Bloomberg

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By Alex Nussbaum and Grant Smith

April 14, 2019 at 11:13 PM UTC

Updated on

April 15, 2019 at 7:05 PM UTC

This article is for subscribers only.

Oil retreated in New York after its longest run of weekly gains in three years, as disappointing bank earnings revived uncertainty about the strength of the economy.

Futures slid 0.8 percent in New York on Monday after notching a sixth straight weekly increase on Friday. U.S. equities halted a three-day climb after results from Goldman Sachs Group Inc. and Citigroup Inc. failed to meet expectations. That followed a weekend statement from global finance ministers and central bankers that economic risks are “tilted to the downside.”