Cargo shipping containers are seen adjacent to storage tanks at Marathon Petroleum’s Los Angeles Refinery, in Carson, Calif., on March 11, 2022. (Reuters) LONDON—Oil prices were on track for a hefty weekly loss as economic and interest rate uncertainty weighed, though prices were stable on Friday as the eurozone recovery gathered pace unexpectedly.
Brent futures for June delivery edged down by 4 cents, or 0.05 percent, to $81.06 a barrel at 0932 GMT. West Texas Intermediate crude (WTI) for June delivery was down 1 cent, or 0.01 percent, at $77.36.
Both benchmarks had slid by more than 2 percent on Thursday to their lowest since late March and remain on track for a weekly drop of about 6 percent.
Losses in early trading on Friday stabilized after news that the eurozone economic recovery gathered pace this month.Demand rose in the bloc’s dominant services sector, more than offsetting a deepening downturn in manufacturing, […]
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