Oil futures posted a gain for Friday’s session, but lost more than 5% for the week. “Flash service PMI reports from overseas were pretty good, and overseas flash manufacturing PMI reports weren’t terrible,” while U.S. flash PMI for both beat expectations, providing support for oil Friday, said Colin Cieszynski, chief market strategist at SIA Wealth Management. Most of the recent weakness for oil, however, “likely reflects ongoing concerns around global economic conditions and the potential impact on demand growth expectations,” said Robbie Fraser manager, global research & analytics at Schneider Electric. June West Texas Intermediate crude CLM23 edged up by 50 cents, or nearly 0.7%, to settle at $77.87 a barrel on the New York Mercantile Exchange, with prices for the front-month contract down 5.5% for the week, according to Dow Jones Market Data.
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