Oil futures climbed on Friday, buoyed by positive results tied to a COVID-19 treatment, but U.S. prices ended lower for the week as a report from the International Energy Agency cautioned that weaker demand caused by the coronavirus pandemic will linger, even if the worst of the hit to economies has subsided.

August West Texas Intermediate crude rose 93 cents, or about 2.4%, to settle at $40.55 a barrel on the New York Mercantile Exchange, after sliding 3.1% on Thursday to hit the lowest level for a front-month contract since June 30, according to Dow Jones Market Data.

Global benchmark Brent oil for September added 89 cents, or 2.1%, at $43.24 a barrel on the ICE Futures Europe exchange, following a 2.2% drop a day earlier to its lowest finish since July 1.

For the week, WTI saw a 0.3% weekly decline, while Brent’s Friday gain led to a weekly increase of 1%, according to Dow Jones Market Data, based on the front-month contracts.

Source: Marketwatch