Oil Records Biggest Weekly Drop Since July on Demand Pessimism - Bloomberg

Oil Records Biggest Weekly Drop Since July on Demand Pessimism - Bloomberg:

Oil registered its biggest weekly decline since July as a streak of disappointing economic data compounded fears about a global recession.

The 0.7% rise in New York-traded futures on Friday wasn’t enough to correct a 5.5% drop for the week. Rising U.S. payrolls and the lowest unemployment rate in five decades undercut prospects of interest-rate cuts by the Federal Reserve.

“The relative strength of the jobs report throws cold water on concept that the Fed will cut rates,” said Bob Yawger, director of the futures division at Mizuho Securities USA.