Oil trades lower early Friday, on track for a weekly loss, as fears of a global economic downturn continue to shadow the market.
Oil futures were lower early Friday, on track for a weekly decline, as worries over a global economic downturn continued to plague the demand outlook.
Price action Market drivers Crude prices bounced on Thursday as markets whipsawed in the wake of a U.S. September consumer-price index reading that showed year-over-year core inflation, which strips out food and energy costs, accelerated to a 40-year high. The move cemented expectations for a supersize 75 basis point interest rate increase by the Federal Reserve early next month.
Oil was set to give back a portion of last week’s rally that was attributed in large part to the decision by the Organization of the Petroleum Exporting Countries and its allies — a group known as OPEC+ — to cut production by 2 million barrels a day beginning in November. The actual reduction is expected to be around half that size since several producers were already pumping below their individual targets.
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