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XOP / Oil futures end higher for the session, with U.S. prices up over 1% for the week

Oil futures end higher for the session, with U.S. prices up over 1% for the week
Oil futures climbed on Friday, contributing to a more than 1% weekly gain in U.S. benchmark crude prices. The market saw a sharp decline Thursday on expectations that OPEC+ wasn't likely to cut production at its meeting next month, but “the risk of further sharp falls is being mitigated somewhat by the fact that the markets know the U.S. government is a buyer[of oil] below $70,” as it looks to refill the Strategic Petroleum Reserve, said Michael Hewson, chief market analyst at CMC Markets UK. Read More
Posted: May 26 2023, 14:55
Author Name: Market Watch
Views: 112563

XOP News  

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