Oil headed for its biggest weekly decline since February on signs of weakening demand, fueling speculation that OPEC+ will prolong output cuts to shore up prices.
A raft of data has demonstrated that inflation is proving stubborn, consumer confidence is falling and the U.S. economy is growing more slowly than expected.
U.S. crude oil is hovering above $79 a barrel after selling off Wednesday on surging inventories. While economic hopes are fading, the current outlook all but ensures OPEC+ will not roll back its production cuts at the next meeting on June 1,