US oil futures Climbed on Fridayposted a weekly gain on tight supplies, but prices fell during the month as worries about a potential U.S. recession dampened the outlook for energy demand. Still, “With no significant signs of fuel demand destruction, it looks like oil will soon find a home above the $100-a-barrel mark.” “, said Edward Moya, senior market analyst at OANDA. The count of oil rigs in the US registered an increase of six, bringing the total to 605 rigs, Moya said, referring to Baker Hughes data on Friday, but that should help the market “find a balance soon.” September West Texas Intermediate Crude
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It rose $2.20, or 2.3%, to settle at $98.62 a barrel on the New York Mercantile Exchange. Prices based on the forward-month contract climbed 4.1% for the week, and lost nearly 6.8% for the month, according to Dow Jones market data.
