Oil Falls This Week as Demand Fears Outweigh Saudi Surprise Cuts
- Demand concerns dominate sentiment even amid deeper Saudi cuts
- WTI drops to settle near $70 a barrel, posting weekly decline
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Oil posted a weekly decline as demand concerns continue to dominate market sentiment even after Saudi Arabia’s unilateral pledge to cut production.
West Texas Intermediate settled near $70 a barrel, closing out the week lower than where it last stood before Saudi Arabia’s surprise weekend announcement. The commodity clocked a 2% weekly decline even with the wild gyrations set off by dueling international headlines. Riyadh’s surprise decision to cut output by about 1 million barrels caused a short-lived rally that was whittled away by demand fears.