Commodities
Oil Posts Weekly Loss as OPEC+ Plan Propels Algorithmic Selloff
- Ministers from alliance say group can adjust output as needed
- WTI settles below $76 a barrel, posting a 1.9% weekly decline
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Oil posted a weekly decline as algorithmic traders accelerated selling pressure after OPEC+ announced a plan to loosen its production curbs.
West Texas Intermediate settled below $76 on Friday for a 1.9% weekly decline. Still, prices rebounded from their lows after Saudi Energy Minister Prince Abdulaziz bin Salman led ministers in reiterating that the hike can be paused or reversed, depending on whether markets can take it. Earlier this week, crude slumped to a four-month low, with commodity trading advisers exacerbating the price declines.