Oil futures bounce Friday, with the U.S. benchmark looking to snap a four-day losing streak.
Oil futures rose Friday, with the U.S. benchmark attempting to snap a four-day losing streak driven by worries over the economic outlook.
Continued... Oil futures rose Friday, with the U.S. benchmark attempting to snap a four-day losing streak driven by worries over the economic outlook. Continued weakness in shares of U.S. regional banks was seen adding to a risk-averse mood among investors. That weighed on oil futures, which have more than erased an early April rally sparked by an unexpected round of production cuts by members of the Organization of the Petroleum Exporting Countries and their allies — known collectively as OPEC+.
“Concerns about demand are the key factor here, though we doubt that they are justified to such an extent,” said Barbara Lambrecht, commodity analyst at Commerzbank, in a note.
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