Oil Drops for a Second Week as Fears of Recession Magnify
- Biden set to leave Saudi Arabia with no announcement on oil
- WTI settled above $97/bbl but posted a weekly decline of 6.9%
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Oil ended the week below $100 a barrel for the first time since early April after another volatile period of trading marked by escalating concerns over an economic slowdown.
West Texas Intermediate settled above $97 a barrel, down 6.9% this week. Oil saw another hugely volatile week of trading, which saw prices at one point wipe out all of their gains since Russia invaded Ukraine. Earlier this week, a report showed that US inflation rose to its highest in four decades while high US gasoline prices are starting to take their toll on consumption.