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May 7, 2021, 2:59 p.m. EDT

Oil futures post gains for the session and week

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By Myra P. Saefong

Oil futures gained on Friday, with prices for the U.S. and global crude benchmarks up a second week as traders continued to assess the demand outlook for the market. Some traders expect an economic recovery in the U.S. and Europe to lead to greater oil consumption, but India's ongoing surge in COVID-19 cases remains a key concern. June West Texas Intermediate crude rose 19 cents, or 0.3%, to settle at $64.90 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract gained 2.1% for the week, according to Dow Jones Market Data.

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