|
Oil futures gave up early gains on Friday to trade more than 1% lower, with U.S. prices falling below the key $80 a barrel mark on an intraday basis. Traders are "looking to book profits ahead of the end of month and taking a safe position" ahead of the an OPEC committee meeting and the Federal Reserve's monetary policy decision both on Feb. 1, and the European Union's ban on imports of Russian oil products on Feb. 5, said Phil Flynn, senior market analyst at The Price Futures Group. March West Texas Intermediate crude CLH23 fell $1.35, or 1.7%, at $79.66 a barrel on the New York Mercantile Exchange, down from an intraday high of $82.48.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
RELATED ARTICLES | | |
|
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 CLH23 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.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
RELATED ARTICLES | | |
|
