U.S. oil prices settle at their lowest in more than week
Oil futures ended with a loss on Friday, with U.S. benchmark prices under $80 to settle at their lowest in more than a week. U.S. crude prices had a "little tug-of-war around the $80 a barrel level" until the market knows more about China's reopening momentum, what the Federal Reserve will do to the economy, and what OPEC+ will decide to do with production quotas, said Edward Moya, senior market analyst at OANDA. U.S. benchmark West Texas Intermediate crude for March delivery declined by $1.33, or 1.6%, to settle at $79.68 a barrel on the New York Mercantile Exchange, the lowest front-month contract finish since Jan. 18, according to Dow Jones Market Data.
-Myra P. Saefong
(END) Dow Jones Newswires
January 27, 2023 14:49 ET (19:49 GMT)
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