U.S. oil futures log a 6th straight weekly climb
Oil futures rose on Friday, with U.S. prices posting a sixth-consecutive weekly rise as the Russia-Ukraine crisis continued to put already tight global oil supplies at risk. Oil prices, however, settled below the day's best levels. With the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, due to meet next week and set to authorize another 400,000 barrel-per-day monthly output increase, "there must be ongoing disquiet that if prices continue their current trajectory, demand could well get choked off," said Michael Hewson, chief market analyst at CMC Markets UK. West Texas Intermediate crude for March delivery rose 21 cents, or 0.2%, to settle at $86.82 a barrel on the New York Mercantile Exchange. For the week, the front-month contract gained 2%, after settling Wednesday at the highest since October 2014, FactSet data show.
-Myra P. Saefong
(END) Dow Jones Newswires
January 28, 2022 14:44 ET (19:44 GMT)
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