Oil Falls a Third Week With Anemic Demand and Economic Data
- Euro-zone economic activity unexpectedly shrinks on inflation
- Broader markets have led crude prices as liquidity remains low
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Oil posted a weekly loss with softer European economic data and signals of US fuel demand stalling souring the market’s outlook.
West Texas Intermediate fell 1.7% to slip below $95 a barrel in a choppy session. Crude posted a weekly decline as broader markets swayed oil prices in sessions characterized by sharp swings and low liquidity. On Friday, soft Euro-zone economic activity data added to fears that a recession might be on the horizon.