Oil prices end lower for the day, but gain for the week as traders eye unrest in Kazakhstan

oil-prices-end-lower-for-the-day,-but-gain-for-the-week-as-traders-eye-unrest-in-kazakhstan

Oil prices ended lower on Friday, but finished the week higher as traders kept an eye on unrest in Kazakhstan. Should any significant amount of production from the country be lost, “the bull market in oil will be extended,” said Michael Lynch, president at Strategic Energy & Economic Research. However, “OPEC+ is unlikely to react to such a loss unless it is clear that it will be lengthy and global inventories would thus continue to decline.” February West Texas Intermediate crude CLG22, -0.65% edged down by 56 cents, or 0.7%, to settle at $78.90 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract rose 4.9% for the week, according to Dow Jones Market Data.

Source: Marketwatch

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