© Reuters Oil records its fourth weekly loss, and Brent closed at $74 a barrel
It fell when dealings settled, to record the longest streak of weekly losses since November 2021, with investors assessing the course of the debt ceiling crisis and the prospects for a recession in the world’s largest economy.
Concern grew that the US economy – the world’s largest oil consumer – could enter a recession, with talks on the debt ceiling postponed, with the Congressional Budget Office warning that the deadline for the government to default on its commitments could be within the first two weeks of June, if it remains The debt ceiling remains unchanged.
And the University of Michigan data revealed that the US consumer confidence index declined by 9.1% on a monthly basis in the preliminary reading for May.
-The data indicated that consumers are concerned about a prolonged recession, as expectations for the coming year fell by 23% from last month, as well as expectations for the long term by 16%.
-Upon settlement, benchmark crude futures contracts for July delivery fell by 1.1%, equivalent to 81 cents, to 74.17 a barrel, to record a weekly loss of 1.5% for the next month’s delivery contract.
The price of US Nymex crude for June delivery decreased by 1.2%, or 83 cents, to record $70.04 per barrel, to suffer a weekly loss of 1.8%.
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