: U.S. oil futures gain for the session, lose over 7% for the week

U.S. oil futures settled higher on Friday, but still lost over 7% for the week. It remains to be seen whether the rise in oil prices Friday was “just short-covering, or actual buying in the hope that prices have bottomed,” said Fawad Razaqzada, market analyst at StoneX. “If we do get some confirmation, this would certainly boost the WTI outlook, especially in light of the OPEC’s big supply cuts and falling U.S. oil inventories.” June West Texas Intermediate crude CLM23 rose $2.78, or nearly 4.1%, to settle at $71.34 a barrel on the New York Mercantile Exchange, with prices for the front-month contract down 7.1% for the week, according to Dow Jones Market Data.

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