STOCK MARKET NEWS: futures rise, oil gains, gasoline slides

Gasoline price decline continues

The average price of a gallon of gasoline slipped on Friday to $3.978, according to AAA. The price dropped below $4 for the first time since March on Thursday, when the price fell to $3.99.

Gas has been declining since hitting a high of $5.016 on June 14.

Diesel slipped as well to $5.06 from $5.077.

Oil heads for weekly gain

West Texas Intermediate (WTI) crude futures traded around $93.00 a barrel and was on track for a weekly gain of more than 5%, recouping about half of last week’s loss.

Brent crude futures traded around $99.00 a barrel and was headed for a gain of more than 4% for the week, recouping part of last week’s 14% tumble.

Oil prices dipped in early trade on Friday amid uncertainty on the demand outlook based on contrasting views from OPEC and the International Energy Agency (IEA), but benchmark contracts were headed for weekly gains as recession fears eased.

On Thursday, OPEC cut its forecast for growth in world oil demand in 2022 by 260,000 barrels per day (bpd). It now expects demand to rise by 3.1 million bpd this year.

Cryptocurrency prices mixed for Bitcoin, Ethereum and Dogecoin on Friday

Bitcoin was trading at around $24,000, after gaining in six of the last seven sessions. Bitcoin has been trading 5% higher over the past week. For the month, the cryptocurrency has gained more than 1%. For the year, bitcoin is down more than 47%.

Ethereum was trading around $1,800 after gaining 16% in the past week. Dogecoin was trading at 7 cents. For the week it added 5%.

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