Oil prices notch a second straight weekly climb
Oil futures ended a bit lower on Friday (http://www.marketwatch.com/story/oil-prices-fall-as-u-s-benchmark-clings-to-weekly-gain-11602850814), but scored a second straight weekly gain. Concerns that the global rise in COVID-19 cases will spur new economic shutdowns that lead to lower energy demand put pressure on prices, but support came from a bigger-then-expected weekly fall in U.S. crude supplies and fresh signs of OPEC+'s commitment to production cuts. November West Texas Intermediate crude fell 8 cents, or 0.2%, to settle at $40.88 a barrel on the New York Mercantile Exchange. For the week, front-month prices rose 0.7% for the week.
-Myra P. Saefong; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 16, 2020 14:48 ET (18:48 GMT)
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