May 24, 2019

Crude oil's wild week

Oil prices are inching upward Friday after a week of steep losses, including the year's biggest one-day decline on Thursday.

Why it matters: The declines signal jitters about economic headwinds, notably the trade dispute between the U.S. and China, slowing demand growth.

What they're saying: "The uncertainty around trade negotiations is adversely impacting financial markets of all sorts including equities and certainly oil futures," Marshall Steeves of Informa Economics tells MarketWatch.

"Without a resolution to the ongoing trade dispute quickly, which now looks very unlikely, oil could struggle to push higher," the London Capital Group's Jasper Lawler said via Reuters.

Where it stands: Crude prices are at their lowest levels in roughly 2 months, with WTI trading around $58.55 and Brent at $67.39.

Go deeper: Oil traders fear déjà vu as prices skyrocket

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