The S&P 500 (SP500) on Friday advanced 1.58% for the week to end at 5,431.60 points, posting gains in four out of five sessions. Read more here.
Crude oil futures fell for the third straight week due to OPEC's decision to unwind production cuts, while demand uncertainties and bearish data on US inventories added to concerns.
Crude oil prices declined for the fifth consecutive session on Tuesday, with West Texas Intermediate (WTI) light crude, tracked by the United States Oil Fund (NYSE:USO), closing at $73.32. This marks the lowest level since Feb. 7, 2024. The recent decline in oil prices is primarily due to increasing concerns about economic growth and an OPEC+ decision on supply that was less restrictive than anticipated. The U.S. has reported a series of weaker-than-expected economic data over the past week, rai