U.S. oil futures gain more than 6% for the week, settle at highest since September 2014

Oil futures rallied on Friday, with U.S. benchmark prices marking their highest settlement since September 2014. Oil prices soared as “winter storms sweep across the U.S., boosting demand for heating oil,” and as “supply concerns persist and financial players turn away from traditional tech stocks in favor of less volatile commodities,” said Bjørnar Tonhaugen, head of oil markets at Rystad Energy, in a daily note. “A spike towards $100 crude should not be ruled out in the short run, but downside risks are plentiful, including omicron setbacks on demand, economic growth concerns and financial market corrections as the central banks fight inflation.” West Texas Intermediate crude for March delivery CLH22, +1.84% rose $2.04, or 2.3%, to settle at $92.31 a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since Sept. 29, 2014, according to FactSet data. Prices were up more than 6% for the week.