U.S. West Texas Intermediate crude oil futures are trading lower on Friday, putting the market in a position to close lower for the first week in three. The market has been trading inside a narrow range for two straight weeks. Crude is likely being propped up by consecutive weekly inventory drawdowns, but gains have been limited by demand concerns in the wake of the Fed’s gloomy outlook for the economy and OPEC’s dismal prediction for demand. This week’s biggest influences on the price action were the government’s weekly inventory report and comments from major producers regarding adherence to the OPEC+ production cuts and future demand. The Fed said that the economic recovery would be rocky, but that prediction has been priced into the market for several months. US Energy Information Administration Weekly Inventories Report U.S. crude oil stockpiles fell last week even as net imports jumped sharply, while fuel […]