Oil futures finished lower Friday, with U.S. prices down for the first time in four sessions, but up for the week, as any potential demand worries tied to stock-market volatility were offset by supply concerns linked to Middle East tensions.
The price moves come ahead of a meeting Sunday of the Joint Ministerial Monitoring Committee of members and nonmembers of the Organization of the Petroleum Exporting Countries in Jeddah, Saudi Arabia. The committee monitors compliance with the OPEC-led production-cut agreement.
West Texas Intermediate crude for June delivery fell 11 cents, or 0.2%, to settle at $62.76 a barrel. After posting gains in the last three session and settling Thursday at $62.87, the highest finish for a front-month contract since May 1, prices climbed 1.8% for the week, according to Dow Jones Market Data.
However, global benchmark July Brent lost 41 cents, or 0.6%, to $72.21 a barrel on ICE Futures Europe, with front-month contract prices up 2.3% from the week-ago settlement. Thursday’s finish at $72.62 Thursday marked the highest to date in May.
Source : MarketWatch