Oil futures declined on Friday, with U.S. benchmark prices marking their lowest settlement in more than two weeks.<\/p>\n
Another Federal Reserve official poured cold water on prospects for near-term interest-rate cuts, raising concerns about the economy and oil demand, while a rise in the number of active U.S. oil rigs fueled expectations for higher domestic production.<\/p>\n
Price action<\/h2>\n\n- \n West Texas Intermediate crude for April delivery
\n CL00,
\n -2.53%<\/bg-quote><\/a><\/p>\n CL.1,
\n -2.53%<\/bg-quote><\/a><\/p>\n CLJ24,
\n -2.53%<\/bg-quote><\/a>
\n fell $2.12, or 2.7%, to settle at $76.49 a barrel on the New York Mercantile Exchange. Front-month contract prices saw a 2.5% weekly fall and settled at their lowest level since Feb. 8, according to Dow Jones Market Data.<\/p>\n<\/li>\n- \n April Brent crude
\n BRN00,
\n +0.12%<\/bg-quote><\/a><\/p>\n BRNJ24,
\n +0.10%<\/bg-quote><\/a>,<\/span>
\n the global benchmark, lost $2.05, or nearly 2.5%, at $81.62 a barrel on ICE Futures Europe. Brent was down 2.2% for the week, ending at its lowest level since Feb. 14. <\/p>\n<\/li>\n- \n March gasoline
\n RBH24,
\n -2.45%<\/bg-quote><\/a>
\n shed 2.5% to $2.28 a gallon, ending 2.5% lower for the week, while March heating oil
\n HOH24,
\n -2.42%<\/bg-quote><\/a>
\n declined by 2.3% to $2.69 a gallon, losing 4.2% for the week.<\/p>\n<\/li>\n- \n Natural gas for March delivery
\n NGH24,
\n -7.91%<\/bg-quote><\/a>
\n settled at $1.60 per million British thermal units, down nearly 7.5% Friday to post a weekly loss of 0.4%.<\/p>\n<\/li>\n<\/ul>\nMarket drivers<\/h2>\n
Fed Gov. Chris Waller late Thursday said there was \u201cno rush\u201d to cut interest rates<\/a> following stronger-than-expected inflation and economic data since the beginning of the year. Waller and other Fed officials have made a concerted effort in the past few weeks to brush back Wall Street\u2019s previous forecasts for rate cuts as early as March.<\/p>\nStrong data \u201cprovides the Fed with greater leeway to sustain its restrictive monetary policy for an extended period. This dynamic constrains economic growth and suggests reduced future oil demand, contributing to the price decline,\u201d said Ricardo Evangelista, senior analyst at ActivTrades, in a note.<\/p>\n
\u201cNonetheless, the downside for the barrel\u2019s price remains limited by supply-side concerns stemming from ongoing geopolitical turbulence in the Middle East,\u201d he said.<\/p>\n
\n CL00,
\n
CL.1, CLJ24, BRNJ24, Fed Gov. Chris Waller late Thursday said there was \u201cno rush\u201d to cut interest rates<\/a> following stronger-than-expected inflation and economic data since the beginning of the year. Waller and other Fed officials have made a concerted effort in the past few weeks to brush back Wall Street\u2019s previous forecasts for rate cuts as early as March.<\/p>\n Strong data \u201cprovides the Fed with greater leeway to sustain its restrictive monetary policy for an extended period. This dynamic constrains economic growth and suggests reduced future oil demand, contributing to the price decline,\u201d said Ricardo Evangelista, senior analyst at ActivTrades, in a note.<\/p>\n \u201cNonetheless, the downside for the barrel\u2019s price remains limited by supply-side concerns stemming from ongoing geopolitical turbulence in the Middle East,\u201d he said.<\/p>\n
\n
\n
\n fell $2.12, or 2.7%, to settle at $76.49 a barrel on the New York Mercantile Exchange. Front-month contract prices saw a 2.5% weekly fall and settled at their lowest level since Feb. 8, according to Dow Jones Market Data.<\/p>\n<\/li>\n
\n BRN00,
\n
\n
\n the global benchmark, lost $2.05, or nearly 2.5%, at $81.62 a barrel on ICE Futures Europe. Brent was down 2.2% for the week, ending at its lowest level since Feb. 14. <\/p>\n<\/li>\n
\n RBH24,
\n
\n shed 2.5% to $2.28 a gallon, ending 2.5% lower for the week, while March heating oil
\n HOH24,
\n
\n declined by 2.3% to $2.69 a gallon, losing 4.2% for the week.<\/p>\n<\/li>\n
\n NGH24,
\n
\n settled at $1.60 per million British thermal units, down nearly 7.5% Friday to post a weekly loss of 0.4%.<\/p>\n<\/li>\n<\/ul>\nMarket drivers<\/h2>\n