Crude oil ends lower after seven weeks of positive undertone; might see further technical corrections

WTI crude futures steadied above $80 per barrel on Friday but were still set to finish the week lower, as China’s weakening economy and fears of further US interest rate hikes outweighed signs of tightening global supplies. The US oil benchmark is down nearly 4% so far this week, on track to snap seven straight weeks of gains. Weaker-than-expected economic data and a deepening property sector crisis in China added to concerns about the country’s faltering economy, with a surprise rate cut from the central bank failing to appease the market. Meanwhile, investors remain cautious amid signs of tightness in the market after OPEC+ majors Saudi Arabia and Russia curtailed supply.