Oil bounces back a day after falling to the lowest price since October

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Oil futures rallied on Friday, bouncing back from a day earlier when prices settled at their lowest since October. Prices, however, still suffered a loss for the week — their second in a row. “Overall, it has not been a pretty trading week for oil, especially after industry data pointed to a larger than expected build in crude oil inventories last week,” said Lukman Otunuga, manager, market analysis, at FXTM. “Given how the fundamentals still point to tight market conditions, the path of least resistance for oil remains north,” he said. December WTI oil CLZ21, +3.25% rose $2.46, or 3.1%, to settle at $81.27 a barrel on the New York Mercantile Exchange. Prices for the front-month contract fell nearly 2.8% for the week, according to FactSet data.

This article was originally published by Marketwatch.com. Read the original article here.

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