Oil settles higher, with U.S. prices up around 9% for the week

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Oil futures settled higher on Friday, with U.S. prices up roughly 9% for the week. Prices found support amid optimism for an improvement in energy demand, and as output cuts by major oil producers continued to feed expectations for tighter global crude supplies. Saudi Arabia agreed to unilaterally cut 1 million barrels per day from its output this month and next, but James Williams, energy economist at WTRG Economics, warned that the country can “just as easily return it to the market.” March West Texas Intermediate crude
CLH21,
+0.39%
rose 62 cents, or 1.1%, to settle at $56.85 a barrel on the New York Mercantile Exchange. Based on the front-month contracts, prices were up for a fifth consecutive session and settled at their highest since January 2020.

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