Oil futures ended higher on Friday, with prices up a fourth month in a row. “Oil futures [markets] remain hyper-focused on draws to U.S. crude and product inventories and are likely positioned on the expectation that draws will continue through the coming month, as strengthening refining margins should entice stronger crude runs in the final month of U.S. driving season,” said Troy Vincent, market analyst at DTN. West Texas Intermediate crude for September delivery climbed 33 cents, or nearly 0.5%, to settle at $73.95 a barrel on the New York Mercantile Exchange, the highest front-month finish since July 13, according to Dow Jones Market Data. Front-month contract prices rose 2.6% for the week and saw a monthly climb of nearly 0.7%.
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