Oil prices end higher for the session, down for the week

Oil futures ended higher on Friday, extending gains from a day earlier, but worries over a potential recession pulled prices down for the week. Despite the rebound in prices seen on Thursday and Friday, “markets are becoming increasingly concerned about recession risk and demand destruction…which has served to offer some respite from the higher prices seen in June,” said Michael Hewson, chief market analyst at CMC Markets UK. West Texas Intermediate crude for August delivery rose $2.06, or 2%, to settle at $104.79 a barrel on the New York Mercantile Exchange. Based on the front-month contract, prices ended the week about 3.4% lower.

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