US crude futures finish a marginal 0.3% higher at $69.37 a barrel in a market that has avoided any major sell-offs over the past few months, but has also been unable to notch any sustained rallies.
"Oil prices continue to be dampened by concerns about future rate hikes by central bankers and the strength of future economic growth," says Stratas Advisors in a note. A report this morning from the Dallas Fed showed the Texas manufacturing sector contracted for a second straight month in June, with a -4.2 reading, the largest monthly shrinkage since May 2020.
Investors worry the Dallas Fed report may indicate the nationwide ISM manufacturing report due a week from today will also see a contraction.
Source: Marketwatch
