Oil futures pull back Friday, but are on track for a fifth straight weekly gain as fears of a global economic slowdown fade and supply cuts take effect.
Oil futures pulled back from three-month highs Friday, but remained on track for a fifth straight weekly gain, lifted by fading fears of a global economic slowdown as supply cuts by major producers take effect.
Price action Market drivers Expectations major central banks, including the U.S. Federal Reserve and the European Central Bank, were at or near the end of an aggressive series of rate hikes have helped boost sentiment, analysts said. The Fed and ECB each delivered quarter-point rate rises this week, but indicated that future moves would depend on incoming economic data.
Oil bulls look for crude to remain supported as effects of Saudi Arabia’s voluntary cut of 1 million barrels a day of production in July and August are felt.
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