Crude oil futures settled lower on Friday, but still managed to record a gain of nearly 6% for the week.
Oil futures pared early gains today as traders weighed the impact last week’s attack on Saudi oil infrastructure and the likely scenario of lower energy demand due to the ongoing trade dispute between the U.S. and China.
Concerns about supply after the devastating drone attacks on Saudi oil facilities last Saturday lifted oil prices sharply earlier this week, but reports about restoration of production resulted in prices taking a retreat for a couple of sessions.
Still, the steep climb on Monday proved solid enough to guide oil futures to a weekly gain.
West Texas Intermediate crude oil futures for October ended down $0.04, or 0.07%, at $58.09 a barrel on the expiration day.
Crude oil futures for November ended down $0.10, or about 0.2%, at $58.09 a barrel.
For the week, WTI crude oil futures gained 5.9%, the biggest weekly gain in nearly three months.
According to a report from Baker Hughes, U.S. oil rig count declined for a fifth successive week, with the number of active rigs falling by 14 to 719 this week. The total rig count dropped to 868, down 18 from previous week.
The material has been provided by InstaForex Company – www.instaforex.com