Oil Notches First Back-to-Back Monthly Loss Since 2020
- US economy shrank for second quarter, spreading bearish fears
- Exxon doesn’t see any signs of major fuel demand destruction
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Oil fell for a second-consecutive month as a deteriorating demand outlook offset concerns over tight physical supplies.
West Texas Intermediate rose Friday, bringing this week’s gain to around 4%. Futures nevertheless recorded their first back-to-back monthly decline since 2020 as fears of an economic slowdown fueled bearish sentiment across markets. The US economy shrank for a second quarter as rampant inflation undercut consumer spending. Citigroup Inc. says there are signs the oil market is moderating.