U.S. oil futures climb by more than 3%, but finish lower for the week

U.S. oil futures climbed over 3% on Friday, but still finished down for the week following a steep price decline a day earlier brought on by U.S. President Donald Trump's plans to implement new tariffs on Chinese goods. "Unlike in previous tariff rounds, the goods that will be affected by the 10% tariff mainly include finished goods, meaning that the impact on U.S. consumers will be more direct than it has been thus far," Cailin Birch, global economist at The Economist Intelligence Unit, wrote in emailed comments. "This darkens the outlook for economic growth in both the U.S. and in China, and therefore global oil demand," she said. September West Texas Intermediate oil rose $1.71, or 3.2%, to settle at $55.66 a barrel on the New York Mercantile Exchange, recouping some of Thursday's hefty 7.9% loss. Prices suffered a 1% decline for the week.

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