Oil futures fall for the session; U.S. prices pare their gain for the week

Oil futures declined Friday, prompting U.S. prices to pare their gain for the week, pressured as fresh outbreaks of COVID-19 in China dulled the outlook for energy demand. “China’s growing health crisis has led to a fall in oil as it is the largest importer of energy in the world,” said David Madden, market analyst at CMC Markets UK. “The Beijing administration has put 22 million people on lockdown due to rising COVID-19 cases, so demand fears are in circulation.” February West Texas Intermediate crude
CLG21,
-0.61%
fell $1.21, or 2.3%, to settle at $52.36 a barrel on the New York Mercantile Exchange. Based on the front month, prices edged up by 0.2% from last Friday’s settlement, FactSet data show.