: U.S. oil futures settle more than 2% higher for the week

Oil futures declined on Friday but after settling a day earlier at their highest since April, prices ended the week with a gain of more than 2%. “Oil benchmarks have been reinvigorated by the ailing U.S. dollar as markets ramp up hopes that the Fed’s rate-hike cycle will soon come to an end,” said Han Tan, chief market analyst at Exinity Group. “Supply disruptions in Libya and Nigeria, along with lower Russian shipments, have added to crude’s latest surge, even allowing oil bulls to shrug off concerns over China’s slowing economy for now.” West Texas Intermediate crude for August delivery CLQ23 rose by $1.47, or 1.9%, to settle at $75.42 a barrel on the New York Mercantile Exchange, with front-month prices up 2.1% for the week, according to Dow Jones Market Data.

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