Oil futures settle higher, with U.S. prices up less than 1% the week
Oil futures climbed on Friday, with U.S. prices up about 0.8% for the week. "Low investment in oil discovery and the shutdown of refineries during the pandemic-induced recession of 2020 have led to a supply crunch," said Lukman Otunuga, manager, market analysis, at FXTM. "The geopolitical developments concerning Ukraine-Russia poured fuel to the fire," he said, and oil bulls "remain supported by various forces" which may push prices higher. However, "concerns over tighter monetary policy tipping the global economy into a recession may hit the demand outlook for oil, limiting upside gains." West Texas Intermediate crude for August delivery rose $2.67, or 2.5%, to settle at $108.43 a barrel on the New York Mercantile Exchange.
-Myra P. Saefong
(END) Dow Jones Newswires
July 01, 2022 14:45 ET (18:45 GMT)
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