Bullish Forecasts Support Crude Prices

U.S. West Texas Intermediate crude oil futures are trading lower on Friday, but are still in a position to finish higher for the week. Today’s move has nearly wiped out all of yesterday’s gains after renewed recession fears dampened an improved demand outlook by the International Energy Agency (IEA). Last week, crude oil prices fell sharply on fears that rising inflation and interest rates will hit economic growth and demand for fuel. The playing field changed this week for the better, however, after softer-than-expected U.S. inflation…