Oil futures finished lower on Friday, contributing to a loss for the week as subdued China data fed concerns over the outlook for energy demand.
Prices have failed to find much support in the wake of Saudi Arabia's decision last weekend to voluntarily cut more of its oil production in July.
West Texas Intermediate crude for July delivery fell $1.12, or 1.6%, to settle at $70.17 a barrel on the New York Mercantile Exchange, leaving front-month prices for the U.S. benchmark down 2.2% for the week, FactSet data show.
August Brent crude, the global benchmark, lost $1.17, or 1.5%, at $74.79 a barrel on ICE Futures Europe, for a weekly loss of 1.8%,
However, traders "faded the move" up, as the Saudi cut would only remove one-third of a single day's worth of global oil production over the course of July, Tyler Richey, co-editor at Sevens Report Research, told MarketWatch. That will "not meaningfully impact supply and demand dynamics."
Source : MarketWatch
