Oil futures finished higher Friday after reports that Iran seized a U.K.-flagged ship in the Gulf of Oman. Prices still settled lower for the week, however, on worries about a slowdown in demand.
The market saw an "insane downward trend in crude oil this week," said James Hatzigiannis, senior commodities associate at Long Leaf Trading Group. "I think it is a bit of an overreaction and you should see prices recover next week if there [is] any progress on the U.S./China trade front or any escalation of tensions between the U.S. and Iran," he said.
August West Texas Intermediate oil added 33 cents, or 0.6%, to settle at $55.63 a barrel on the New York Mercantile Exchange. It fell 7.6% for the week after settling Thursday at its lowest in a month.
Source : Marketwatch