Oil Sinks as Slew of Weak US Economic Data Revives Demand Fears

Oil sank as the outlook for the world’s largest economy darkened after a barrage of poor US data and tariff announcements, weighing on the prospects for energy demand growth.

West Texas Intermediate crude fell 2.8% to settle near $67 a barrel on Friday, the biggest plunge in a single day since June 24. Prices also came under pressure as investors widely anticipate that OPEC and its allies will decide to add more supplies to the market during an upcoming weekend meeting.