Oil prices climbed more than 1% on Friday ahead of long U.S. and UK holiday weekends, but posted the biggest weekly drop of the year, pressured by rising inventories and worries about the global economy.
Brent crude rose 93 cents, or 1.4%, to settle at $68.69 a barrel, but the global benchmark notched a weekly decline of about 4.5%. U.S. West Texas Intermediate crude rose 72 cents, or 1.2%, to end at $58.63 a barrel. It notched a weekly decline of about 6.4%, its steepest since December.
U.S. crude was pressured by climbing inventories, which are at their highest nationwide since July 2017 and at the highest since December 2017 at the Cushing, Oklahoma, delivery hub for the U.S. benchmark. Read More