U.S. oil futures climbed Friday, reducing their losses for the week even as the spread of the coronavirus pandemic continued to threaten a recovery in the economy. Crude prices got a boost for the session, in part due to the "upbeat COVID-19 vaccine and treatment news" and a softer dollar, but U.S. benchmark prices remain "anchored below the $41 level and will likely struggle for any major moves" until after next week's OPEC+ Joint Ministerial Monitoring Committee meeting, said Edward Moya, senior market analyst at Oanda. "The demand outlook risks warrant a discussion for OPEC+ to consider extending production cuts into August," he said, in a note. August West Texas Intermediate oil rose 93 cents, or about 2.4%, to settle at $40.55 a barrel on the New York Mercantile Exchange. For the week, prices based on the front-month contract fell by 0.2%, according to FactSet data.
July 10, 2020, 2:42 p.m. EDT