Oil futures edged higher on Friday as prices shed a steep loss on Monday to end the week with a gain. Oil prices plunged earlier in the week “over concerns that rising rates of infection of delta variants around the world could undermine or slow down the economic rebound,” said Michael Hewson, chief market analyst at CMC Markets UK. These concerns have not gone away, but even with the new OPEC + deal to increase production, there are still “residual concerns” that the market “could see supply struggling to keep up with demand, hence the price recovery. as the weekend approaches, “he said. Raw West Texas Intermediate for delivery in September CLU21,
traded 16 cents, or 0.2%, to settle at $ 72.07 a barrel on the New York Mercantile Exchange. For the week, prices based on the first month’s contract prices rose 0.7%, according to Dow Jones Market Data.
NORTH DAKOTA - North Dakota regulators say the state has officially lost its status as the nation's second-largest oil producer...Read more