Oil Posts Daily Gain but Finishes the Week Lower

Oil Posts Daily Gain but Finishes the Week Lower

Oil prices settled higher on Friday, although off session highs, supported by a decline in US oil rig count while wildfires in Canada continue to raise supply concerns.

West Texas Intermediate crude for June delivery reached a high of $45.33 a barrel before settling at $44.66, up 0.34 or 0.8% on the day on Nymex. However, WTI closed the week 2.7% lower as it failed to recoup sharp losses incurred during the first half of the week.