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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
Bloomberg business news
Citi's Morse Says Brent Will Continue 'Downward Drift' to Mid $80s
Updated on

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.