Oil prices tally a fifth consecutive week of gains
Oil prices finished lower on Friday, but scored a fifth consecutive weekly rise. "Crude prices may not have a one-way ticket to $100 oil, but the supply-side fundamentals certainly support that could happen by the summer," said Edward Moya, senior market analyst at OANDA. "The next few trading sessions could be difficult for energy traders as oil prices may move more so on investor positioning ahead of Wednesday's FOMC policy decision and over a handful of brewing geopolitical risks, that include Russia-Ukraine tensions, Iran nuclear talks, and developments with global handling over North Korea." March West Texas Intermediate crude fell 41 cents, or 0.5%, to settle at $85.14 a barrel on the New York Mercantile Exchange. The U.S. benchmark, based on the front-month contract, rose 2.2% for the week, according to Dow Jones Market Data.
-Myra P. Saefong
(END) Dow Jones Newswires
January 21, 2022 14:59 ET (19:59 GMT)
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