U.S. oil futures finish higher Friday, but end down nearly 4% for the week

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U.S. oil futures posted their first gain in three sessions on Friday, but U.S. prices fell around 3.7% for the week. “The rise of the delta variant is making traders concerned that demand growth will pause, at least for a few months,” said Michael Lynch, president of Strategic Energy & Economic Research. “Also, the possibility that the OPEC+ agreement might fall apart, even if Saudi Arabia and the [United Arab Emirates] reach a compromise, suggests that the group won’t keep enough oil off the market to send prices higher from here.” The reported “compromise with the UAE could see others clamor for relief from quotas in the short term, which would at the least be bad for market psychology,” he said. West Texas Intermediate oil for August delivery
CLQ21,
-0.50%
rose 16 cents, or 0.2%, to settle at $71.81 a barrel on the New York Mercantile Exchange after logging on Thursday the lowest front-month contract finish since June 18, FactSet data show.

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