Bearish Sentiment Continues To Dominate Oil Markets

After spending the first four days of the week under pressure due to concerns that a weakening U.S. economy would lead to lower demand, U.S. West Texas Intermediate crude oil futures are trading higher on Friday after the release of a report showing a stronger-than-expected U.S. labor market. Crude oil is still expected to close lower for the week, but the news has somewhat eased the growing bearish tone. Despite the decent short-covering rally on Friday, the news is not likely to offset the negative news that had been piling up all week, including…