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US Crude Suffers Fifth Straight Weekly Loss As Oil Prices Tank to $75 on OPEC Rift
Crude oil futures tanked heading into the weekend, with investors speculating on what the Organization of Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+, will do. The conflict in the Middle East has also calmed down after Hamas and Israel agreed to a ceasefire. With weaker economic data, traders are trying to figure out oil’s next move in the home stretch of 2023. January West Texas Intermediate (WTI) crude oil futures plunged $1.92, or 2.49%, to $75.18 per barrel at 18:53 GMT on Friday on the New York Mercantile Exchange. US crude posted a weekly loss of nearly 1% and is down close to 12% ... (full story)