Oil futures climbed Friday, tallying a gain for the week, their first in three weeks. "Today's rise reflected some reluctance to go home short over the weekend given the uncertainties in the Persian Gulf...," said Marshall Steeves, energy markets analyst at IHS Markit. "Overall, the market is range bound with these supply uncertainties offset by weakening demand. So while there was a rise today and for the week, there remains a longer-term downtrend," he said.
September West Texas Intermediate oil added 40 cents, or 0.7%, to settle at $54.87 a barrel on the New York Mercantile Exchange. For the week, prices rose 0.7%, FactSet data show. That followed two consecutive weekly declines.
Source : Marketwatch