Oil futures ended the week with a two-day bounce, with West Texas Intermediate crude for September delivery on the New York Mercantile Exchange rising $1.96,...
Oil futures ended the week with a two-day bounce, with West Texas Intermediate crude for September delivery CLU20, +2.26% on the New York Mercantile Exchange rising $1.96, or 3.7%, to end at $54.50 a barrel.
Analysts tied support in part to reports Saudi Arabia is looking to hold down crude exports over the next month in a bid to stabilize the market. Earlier this week, crude fell into a bear market, widely defined as a fall of at least 20% from a bull-market peak, on fears an intensifying U.S.-China trade war would weigh on demand. The bounce left WTI with a 2.1% weekly decline.
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