Oil prices settle down, post big weekly losses on bank fears

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Oil prices settle down, post big weekly losses on bank fears

Oil prices settled lower Friday, reversing early gains of more than $1 a barrel as banking sector fears caused both benchmarks to reach their biggest weekly declines in months.

.Pressure stemmed from “the continued fragile state of the market”, said Ole Hansen, head of commodity strategy at Saxo Bank.Analysts still expect constrained global supply to support oil prices in the foreseeable future.OPEC+ members attributedthis week’s price weakness to financial drivers rather than any supply and demand imbalance, adding that they expected the market to stabilise.

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OPEC+ views oil price drop as financially driven, delegates sayOPEC+ considers this week’s slide in oil prices to a more than one-year low to be driven by financial fears, not any imbalance between demand and supply, and expects the market to stabilise, four delegates from the oil producer group told Reuters.

Gas prices: Newsom scraps profits cap on oil industry ‘price gouging,’ proposes new watchdog bodyNewsom’s office scraps an early proposal to penalize “excess” oil refiner profits while kicking responsibility to the California Energy Commission and a newly proposed watchdog bo… Haha, yes! More government will definitely fix the problem! Of course, another Grusome & DemocRATs’ dog & pony show.

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