: Oil futures gain more than 2% for the week
Oil futures climbed on Friday, with U.S. benchmark prices posting a gain of more than 2% for the week. “Chinese oil demand has been the biggest uncertainty in the market, with the International Energy Agency’s last monthly report predicting strong growth in the second half, said Michael Lynch, president of Strategic Energy & Economic Research. The Wall Street Journal on Thursday reported that Chinese authorities were preparing aggressive economic stimulus measures. That suggests the IEA’s expectations might prove right, “which would mean a much stronger market from the third quarter,” said Lynch. July West Texas Intermediate crude CLN23 gained $1.16, or 1.6%, to settle at $71.78 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract marked their highest finish since June 7 and ended the week 2.3% higher, according to Dow Jones Market Data.
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