Oil futures finish lower for the session and week

Oil futures on Friday ended lower for the session, contributing to a weekly loss of nearly 8% for U.S. benchmark crude prices. “With many analysts and economists now forecasting a recession as their base case outlook for 2023, demand estimates for everything from energy products to industrial metals are taking a hit,” said Tyler Richey, co-editor at Sevens Report Research. Oil has given back roughly half of the October gains this week “thanks to the negative shift in policy and economic outlooks denting demand expectations, but with OPEC+ getting more serious with price supportive policy measures this month, support in the high $70s to low $80s should hold in the near term.” U.S. benchmark West Texas Intermediate crude for November delivery CLX22, -3.86% fell $3.50, or 3.9%, to settle at $85.61 a barrel on the New York Mercantile Exchange.