(Dec 9): Oil headed for a weekly loss of almost 10% after a volatile period of trading as concerns over the economic outlook overshadowed an easing of China’s strict virus curbs and a disruption to US crude flows. The market is also facing a persistent lack of liquidity that has left prices prone to large swings. Prices initially surged after the news before reversing gains to close lower on Thursday, capping a fifth day of declines. Still, for now, Russia sees the price limit having a limited effect on its crude output. The global benchmark was 44 cents a barrel in contango, compared with 2 cents in backwardation a week ago.
