Oil Falls for Second Week as Iran Speculation Sways Quiet Market
- Powell says more rate hikes possible to drop inflation to 2%
- WTI slips below $80 a barrel for 1.7% weekly decline
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Oil posted its second straight weekly decline as signals of additional crude supplies and a deteriorating global demand outlook loomed over a string of thinly traded sessions.
The narrative of tight supplies that has driven crude’s rally since June has faded amid prospects that the US will ease sanctions on Iran and Venezuela. Meanwhile, faltering growth in China and abysmal economic data in Europe have dimmed the outlook for demand. In the physical market, Marathon Petroleum Corp. is shutting the third-largest oil refinery in the US after a fire.