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Oil Posts Weekly Loss as Recession Jitters Dent Commodity Prices

  • Michigan consumer sentiment cooled from 14-year highs
  • WTI falls 1.7% last week, second consecutive weekly loss
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Oil Heads for Second Weekly Loss in a Row
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Oil posted its first back-to-back weekly loss since early April as fears of a demand-sapping global recession and tighter US monetary policy ripped through commodity markets to spur a broad sell-off.

West Texas Intermediate fell 1.7% for the week to settle at $107.62. US Federal Reserve Chair Jerome Powell’s hawkish testimony to Congress earlier in the week overshadowed a fundamentally tight market.