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Oil futures edge up, end the week lower on slowdown fears

The Address | Benghazi – Libya

NEW YORK – Oil futures edged higher on Friday but ended the week with a loss on renewed concerns about slowing global demand and after the dollar posted its best week in six months.

The market was relatively quiet on Friday, with volume of 575,000 contracts, short of the 200-day average of 597,000 daily contracts traded.

U.S. West Texas Intermediate crude futures strengthened 8 cents to settle at $52.72 a barrel but recorded a weekly slump of more than 4 percent, their steepest this year.

Brent crude futures gained 39 cents to settle at $62.02. On the week, Brent dipped more than 1 percent. The dollar gained 1.1 percent against a basket of currencies, its best performance since August, hurting oil, which is priced in dollars and becomes more expensive for non-U.S. buyers when the dollar’s value rises.

The market was supported modestly on Friday by news that the United States and China may still be able to meet a March 1 deadline to resolve specific issues in their trade dispute.

Reuters

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