Oil Extends Declines, Down 5% for the Week

US benchmark oil prices are seeing additional declines, down 1.6% at $68.41 a barrel, and 5% lower for the week which would be the largest one-week decline since May 5. “Crude oil is lower, trading nearing critical support levels that if breached to the downside would likely send prices below $65 per barrel,” says Peter Cardillo at Spartan Capital, in a note. Summer fuel demand in the US is higher than a year ago but nearly 5% below pre-pandemic 2019 levels. Analysts say some would-be vacationers are staying home given the high costs of hotels and gasoline, which at a US average $3.58 a gallon are more than 30% higher than 2019 levels of around $2.70. Brent crude falls 1.4% to $73.11.