U.S. oil futures little changed for session, post a loss for the week

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U.S. oil futures gained just a penny on Friday after settling with a nearly 4% loss a day earlier. There’s a lot of uncertainty overseas both on the supply side and on the demand side, said Colin Cieszynski, chief market strategist at SIA Wealth management. For the U.S., however, the most significant fundamental factor is “how long the government plans to keep running down the [Strategic Petroleum Reserve], with midterm elections in about six weeks, and once they stop, when and how quickly does the drawdown supply become refill demand,” he said. October WTI crude CLV22, +0.34% rose by a penny to settle at $85.11 barrel on the New York Mercantile Exchange. For the week, the front-month contract lost 1.9%, according to Dow Jones Market Data.

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

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