: U.S. oil futures settle at lowest since March
Oil futures fell on Wednesday, with U.S. prices ending at their lowest in more than 10 weeks. The potential fallout from the U.S. debt-ceiling debacle and rising odds of a June interest-rate hike both “weighed on oil as the former influence would be a broader riskoff market event, while the latter would further reduce already waning optimism for a soft economic landing this year,” analysts at Sevens Report Research wrote in Wednesday’s newsletter. July West Texas Intermediate crude CLN23 fell $1.37, or 2%, to settle at $68.09 a barrel on the New York Mercantile Exchange. The settlement was the lowest front-month finish since March 20, and prices lost over 11% for the month, according to Dow Jones Market Data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.