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May 21, 2021, 2:45 p.m. EDT

Oil rallies for the session amid possible Gulf of Mexico storm, prices fall for the week

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By Myra P. Saefong

Oil futures rallied on Friday, finding support from a potential storm in the Gulf of Mexico. Prices still posted a loss for the week as traders continued to eye developments toward an Iran nuclear deal. The "possibility of the return on Iranian oil," pressured prices for the week, said Phil Flynn, senior market analyst at The Price Futures Group. On Friday, however, prices got a boost from concerns about a weather system developing in the Gulf of Mexico , he said. "A tropical disturbance is a reminder that [Atlantic] hurricane season is upon us, and it seems to want to start early." Next week, oil traders are likely to "focus on the Iran deal, but also get a sense of the demand expected for the Memorial Day Holiday -- the unofficial kickoff to the summer driving season," said Flynn. West Texas Intermediate oil for July delivery rose $1.64, or nearly 2.7%, to settle at $63.58 a barrel on the New York Mercantile Exchange. For the week, prices based on the front-month contract, fell about 2.7%, according to FactSet data.

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