Oil futures finish higher for the session, up nearly 3% for the week

Oil futures settled higher on Friday, contributing to a gain for the week. Oil prices continue to “look reasonably underpinned given this week’s commentary from OPEC about the prospect of production cuts … but with recession concerns rising, fears over demand destruction do appear to be increasing,” said Michael Hewson, chief market analyst at CMC Markets UK. Remarks from Federal Reserve Chairman Jerome Powell at the Jackson Hole retreat raised the likelihood of further interest-rate hikes, as the central bank moves to reduce inflation – which can lead to lower oil demand. October WTI crude CLV22, +0.50% was up 54 cents, or 0.6%, to settle at $93.06 a barrel on the New York Mercantile Exchange. Front-month prices ended the week 2.9% higher, according to Dow Jones Market Data.