Oil prices settled higher on Friday and gained 4 Percent on the week, with investors taking stock of the ongoing conflict in the Middle East as well as the U.S. election next month.
Brent crude futures settled up $1.67, or 2.25 Percent, at $76.05 a barrel. U.S. West Texas Intermediate crude settled up $1.59, or 2.27 Percent, to $71.78.
Brent settled 4 Percent up on the week, while WTI settled 3.7 Percent higher on the week.
«Really it seems like the market is bouncing around in a holding pattern till we get an answer to some of these questions on Israel, the war and the election,» said Phil Flynn, senior analyst at Price Futures Group.
«The election is creating uncertainty in a lot of markets and people are pulling in their horns a little bit, not ready to be making big commitments because of the potential for spikes, volatility and uncertainty,» Flynn added.
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