Oil Posts First Weekly Loss Since May on OPEC+ Volatility
- Uncertainty remains around OPEC+ alliance’s ongoing standoff
- West Texas Intermediate crude benchmark ended week 0.8% lower
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Oil fell this week for the first time since May after days of volatile trading in the wake of OPEC+’s stalemate over a production increase in the near term.
Futures in New York declined 0.8% this week, although the U.S. crude benchmark closed higher on Friday amid a broader market rebound. Prices whipsawed this week amid ambiguity over the future of the OPEC+ alliance and swings in the U.S. dollar. A stronger dollar makes commodities priced in the currency less attractive to investors.