Volatility strikes oil markets as New York manufacturing orders drop
Investors reacted nervously to the news of declining manufacturing orders in New York, indicating potential economic headwinds that could impact oil demand.
International benchmarks for crude oil ended the trading session on Friday, 15 December 2023 with minor losses after disappointing economic data in the US triggered a sell-off. The markets saw a rollercoaster of activity, with prices plummeting over $1 per barrel at one point.
Investors reacted nervously to the news of declining manufacturing orders in New York, indicating potential economic headwinds that could impact oil demand.
Brent futures settled down 6 cents/barrel at $76.55/barrel.
WTI crude finished down 15 cents/barrel at $71.43/barrel.