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Oil Futures Settle Notably Lower, Sheds Nearly 5% In Week

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Oil futures pared early gains and settled lower on Friday with investors weighing the prospects for energy demand from China.

Markets also continued to closely track the news about the discussions over a price cap on Russian crude.

West Texas Intermediate Crude oil futures for December ended lower by $1.66 or about 2.1% at $76.28 a barrel. WTI Crude futures shed about 4.8% in the week.

Brent crude futures settled lower by $1.71 or about 2% at $83.63 a barrel today, posting a loss of about 4.6% in the week.

Worries about the outlook for energy demand from China due to a surge in Covid cases and the imposition of stringent restrictions in several cities in the country.

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