Oil futures settle more than 2% higher for the week

Oil futures gained on Friday, with U.S. prices for the commodity up more than 2% for the week. Oil prices have been “relishing the prospects that [Federal Reserve] rate hikes may soon come to an end, while taking advantage of the U.S. dollar’s recent drop,” said Han Tan, chief market analyst at Exinity Group. “The fundamental picture has also been supported by supply cuts out of Saudi Arabia and Russia, although China’s rocky recovery still muddies oil’s outlook.” West Texas Intermediate crude for September delivery
CLU23,
+1.56%
climbed $1.42, or 1.9%, to settle at $77.07 a barrel on the New York Mercantile Exchange, with prices based on the front-month contract up 2.3 % for the week, according to Dow Jones Market Data.