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July 17, 2020, 2:40 p.m. EDT

Oil futures end lower, but U.S. prices eke out a gain for the week

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By Myra P. Saefong

Oil futures ended lower on Friday, pressured by concerns that the rising cases of COVID-19 will lead to further economic shutdowns and lower demand for crude. U.S. prices, however, ended with a modest gain for the week. "This week, fundamentals generally came in supportive, headlined by a strong draw for U.S. crude and gasoline stocks" in Wednesday's Energy Information Administration report. "Still, gasoline demand provided a bit of a warning signal with a week-on-week decline, which is coupled with expected upticks in unemployment filings ahead as [Thursday] saw the U.S. log a record number of new COVID-19 cases," said Robbie Fraser, senior commodity analyst at Schneider Electric, in a note. August West Texas Intermediate oil fell 16 cents, or 4%, to settle at $40.59 a barrel on the New York Mercantile Exchange. For the week, the front-month contract climbed by roughly 0.1%, according to FactSet data.

Read the full story:
Oil settles lower, posting modest change for week as rise in coronavirus cases stokes demand worries

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