Oil ends week higher as investors take stock of Fed rate cuts
Oil prices settled lower on Friday but recorded a second straight week of gains, garnering support from a U.S. interest rate cut and a dip in U.S. supply.
Brent futures settled down 39 cents, or 0.52%, at $74.49 a barrel. U.S. WTI crude futures settled down 3 cents, or 0.4%, to $71.92.
Signs of a slowing economy in major commodity consumer China gave prices a ceiling. But for the week, both benchmarks settled up more than 4%.
Prices have recovered after Brent fell below $69 for the first time in nearly three years on Sept. 10.
«The market concluded that a sub-$70 level combined with hedge funds holding a record weak belief in higher prices of crude and fuel products would require a recession to be justified, a risk this week's bumper U.S. rate cut helped reduce,» Ole Hansen, head of commodity strategy at Saxo Bank, said.
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