U.S. oil prices settle higher for the week, down for the month

U.S. oil futures climbed on Friday, posting a gain for the week on tight supplies, but prices were down for the month as worries about a potential U.S. recession dulled the outlook for energy demand. Still, “with no major signs of fuel demand destruction, oil seems like it will soon find a home above the $100 a barrel mark,” said Edward Moya, senior market analyst at OANDA. U.S. oil rig counts posted a gain of six, bringing the total to 605 rigs, said Moya, referring to data from Baker Hughes on Friday, but that should do little to help the market “find balance anytime soon.” September West Texas Intermediate crude rose $2.20, or 2.3%, to settle at $98.62 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract climbed 4.1% for the week, and lost nearly 6.8% for the month, according to Dow Jones Market Data.

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