: Oil futures settle higher, with U.S. oil prices topping $90 to end at 4 week high


Oil futures rallied on Friday, with U.S. oil prices ending at their highest in about four weeks, on expectations that China may ease its COVID restrictions. “Chinese crude demand has been capped and if that roars back,” that could send oil prices higher regardless of global economic slowdown fears, said Edward Moya, senior market analyst at Oanda. “There are too many geopolitical risks on the table that should keep oil’s trajectory higher,” he said, and if the dollar continues to slide here, oil’s strength could be “relentless.” U.S. benchmark West Texas Intermediate crude for December delivery CLZ22, +5.02% rose $4.44, or 5%, to settle at $92.61 a barrel on the New York Mercantile Exchange. Prices for the front-month contract settled at their highest since Oct. 7, up 5.4% for the week, according to Dow Jones Market Data.

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

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