U.S. West Texas Intermediate crude oil futures are edging lower on Friday, but still holding on to their weekly gains. The price action suggests profit-taking is taking place ahead of the weekend or traders are concerned about over-valuations. A drop in demand for riskier assets and commodities is also pressuring prices amid renewed concerns over the financial stability of China’s Evergrande, which is facing a debt crisis. Earlier in the session, oil prices jumped to a two-month high before retreating. Nonetheless, the markets are headed for a third straight week of gains, supported by global output disruptions and inventory draws. Despite today’s minor setback, oil prices are likely to remain supported for months due to disruptions in U.S. Gulf Coast production following Hurricane Ida and other storms. The situation is so bad that U.S. refiners are being forced to turn to other countries for supply. US Oil Refiners Pick […]