Prices for the U.S. oil benchmark edged higher Friday, but struggled to hold their gains as global investors assessed the next leg for volatile stock markets and signs of rising crude supplies contributed to an overall weekly loss of more than 4%.
“While there are risks of Middle East conflicts and further outages in production, growing output from the U.S., Saudi Arabia and Russia is likely to keep markets reasonably supplied,” said Rob Haworth, senior investment strategist at U.S. Bank.
Also helping keep prices in check, however, were “fears of an economic slowdown which could damage demand growth” for oil, he said.
The Emergency Election Sale is now live! Get 30% to 60% off our most popular products today!