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Oil prices end lower for the session, higher for the week

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Oil futures settled lower on Friday as COVID-19 restrictions in China fed worries about energy demand, but U.S. prices still marked their first gain in three weeks. “Oil markets remain volatile as China ramps up COVID restrictions, some U.S. oil giants signal modest commitments to boost production, and the global economic outlook continues to dim,” said Edward Moya, senior market analyst at OANDA. U.S. benchmark West Texas Intermediate crude for December delivery CLZ22, -1.15% fell $1.18, or 1.3%, to settle at $87.90 a barrel on the New York Mercantile Exchange. For the week, prices climbed about 3.4%, FactSet data show.

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