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Oil futures climbed for a fifth session in a row on Friday, with prices for the front-month U.S. contract ending 16.5% higher for the week. “For several weeks, fears about a weakening global economy had been weighing on oil prices,” said Colin Cieszynski, chief market strategist at SIA Wealth Management. “This week, however, sentiment changed after OPEC+ showed the world that it is prepared to cut supply to defend the price in the face of political and central bank opposition from the U.S. and other countries.” U.S. benchmark West Texas Intermediate crude for November delivery
CLX22,
rose $4.19, or 4.7%, to settle at $92.64 barrel on the New York Mercantile Exchange. That was the highest front-month finish since Aug. 29, FactSet data show.
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