Oil Ends Week Higher as Supply Threats Outweigh Doubts on Demand - Bloomberg

Oil Ends Week Higher as Supply Threats Outweigh Doubts on Demand - Bloomberg:

Oil finished higher for the week after a volatile trading session that pitted gnawing doubts about global demand against supply threats from the Middle East and beyond.

Futures gained 0.3% in New York on Friday and ended the week up 1%, reversing from last week’s steep loss. Oil turned higher after Mexico’s state-run oil company said crude output fell about 10% in the second quarter, adding to tensions after Iran reportedly tested a medium-range ballistic missile in the Persia Gulf region.

West Texas Intermediate for September closed up 18 cents at $56.20 a barrel, notching its fifth increase in six days on the New York Mercantile Exchange. Brent for September settlement gained 7 cents to $63.46 on the ICE Futures Europe Exchange.