WTI Crude Oil Set For Weekly Decline

25 Nov 2022 , 01:23 PM

Crude oil futures are set to end the week lower, although the commodity is up more than half a percent on Friday tracking weakness in dollar after Federal Reserve officials at their meeting earlier this month concluded it would soon be appropriate to slow the pace of rate increases. WTI crude oil futures are currently quoting higher by 0.59% at $78.40 per barrel but are down more than 2% this week. Growing signs that a surge in COVID-19 cases in China, the worlds top oil importer, is starting to hit fuel demand continues to add pressure on the commodity. China on Friday reported a new daily record for COVID-19 infections, as cities across the country continued enforce mobility measures and other curbs to control outbreaks. Powered by Commodity Insights