Oil futures settle higher, but post of loss of more than 4% for the week

Oil futures settled higher on Friday, but the U.S. oil benchmark still suffered a loss of more than 4% for the week. “This week’s volatility dances around the confusion on what to make of the Russian oil exports,” said Manish Raj, chief financial officer at Velandera Energy Partners, who noted that all eyes are on Russia oil export volumes for April and May booking, which so far have “yielded few buyers.” Still, “unless Russians find a way to skirt around the sanctions, oil prices are poised to test new highs,” said Raj. On Friday, West Texas Intermediate crude for April delivery rose $1.72, or 1.7%, to settle at $104.70 a barrel on the New York Mercantile Exchange. For the week, prices based on the front month rose 4.2%, according to FactSet data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.