Oil futures bounced Friday, but remained on track for hefty weekly losses, after a news report said the U.S. doesn’t expect Saudi Arabia to immediately boost production during President Joe Biden’s visit to the kingdom.
Price action
Market drivers
Rising fears of a recession have been blamed for a sharp retreat for crude which saw both WTI and Brent sink below the $100-a-barrel threshold, with the U.S. benchmark on Thursday temporarily erasing all of the rise seen following Russia’s Feb. 24 invasion of Ukraine….
