U.S. oil prices finish higher, but post worst week of the year
U.S. oil futures finished higher Friday, recouping some of the losses they saw from a day earlier when they settled at a more than two-month low. Prices, however, also posted their worst weekly decline year to date. Traders continued to gauge the risk of an energy demand slowdown as the U.S. and China continue to grapple with their dispute on trade. "There was a violent repricing of risk on Thursday after the rather disappointing global Flash PMIs discounted the argument that solid growth will continue to underpin demand. And that, paired with ongoing trade war tensions led to the big declines" that left the market "to finish the week deep in the red," said Tyler Richey, co-editor at Sevens Report Research. July WTI oil rose 72 cents, or 1.2%, to settle at $58.63 a barrel on the New York Mercantile Exchange. After a 5.7% drop Thursday, front-month contract prices lost 6.8% for the week, according to Dow Jones Market Data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.