Oil futures finished higher on Friday, as some upbeat U.S. economic data boosted prospects for energy demand, but prices posted a loss for the week. The losses for the week were “warranted,” especially with India continuing to have real problems with the rise in COVID-19 cases, said Tariq Zahir, managing member at Tyche Capital Advisors. “Going forward it will all be about demand.” June West Texas Intermediate crude rose 71 cents, or 1.2%, to settle at $62.14 a barrel on the New York Mercantile Exchange. For the week, prices lost 1.6%, according to FactSet data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.