Oil Stalls for Third Week With Demand Concerns Back in Focus
- WTI crude futures dip on Friday, ending the week lower
- Oil’s underlying structure still indicates tighter supplies
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Oil edged lower on Friday alongside a broader market decline as the recovery in consumption remains uncertain.
The dip capped a third straight week with New York futures stuck near $52 a barrel. U.S. equities weakened amid lingering concerns over volatile retail trading. While Johnson & Johnson’s Covid-19 vaccine breakthrough allayed some worries about the deterioration of consumption, it’s clear the demand environment remains tepid. Chevron Corp. posted a fourth-quarter loss after weak fuel consumption hit its refining business.