Oil Slips With Weak Economic Data Reinforcing Sour Demand View
- U.S. consumer sentiment posted a surprise decline in July
- WTI crude facing resistance at 200-day moving average
Photographer: Andrey Rudakov/Bloomberg
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Crude clung to losses amid a combination of weak economic data and signals that a recovery in consumption may be slowing.
Futures posted a 0.4% decline in New York on Friday. Although strength in U.S. equities pushed oil up from the lows of the session, futures were unable to rally amid a flurry of disappointing data points. In the U.S., consumer sentiment posted a surprise drop and Covid-19 cases in the country passed the 3.6 million mark.