U.S. oil prices settle at their lowest in more than week

Oil futures ended with a loss on Friday, with U.S. benchmark prices under $80 to settle at their lowest in more than a week. U.S. crude prices had a “little tug-of-war around the $80 a barrel level” until the market knows more about China’s reopening momentum, what the Federal Reserve will do to the economy, and what OPEC+ will decide to do with production quotas, said Edward Moya, senior market analyst at OANDA. U.S. benchmark West Texas Intermediate crude for March delivery
CLH23,
-1.96%
declined by $1.33, or 1.6%, to settle at $79.68 a barrel on the New York Mercantile Exchange, the lowest front-month contract finish since Jan. 18, according to Dow Jones Market Data.