U.S. oil futures ended the week with nearly 5% gain Friday, as ongoing tensions between the U.S. and Iran continued to raise the risk to oil flow in the Middle East.
Prices for the session, however, barely budged despite further storm-related declines in Gulf of Mexico oil and natural-gas production. Futures prices "have not reacted much because this storm is not expected to be intense enough to cause significant damage and the lost output has been priced in," said Marshall Steeves, energy markets analyst at IHS Markit. August West Texas Intermediate oil added a penny to settle at $60.21 a barrel on the New York Mercantile Exchange. Prices rose 4.7% for the week, according to FactSet data.
Source : Marketwatch