Oil futures settled lower on Friday, with U.S. prices losing more than 3% for the week as rising global cases of COVID-19 threaten to slow demand for energy.
“The market remains without a clear direction, but sentiments are to the negative” given the decision by major oil producers to gradually increase production, the potential addition of Iranian oil, and a continued rise in U.S. oilfield activity, said Manish Raj, chief financial officer at Velandera Energy. May West Texas Intermediate crude CLK21, -0.44% fell 28 cents, or 0.5%, to settle at $59.32 a barrel on the New York Mercantile Exchange. Prices lost 3.5% from the settlement on April 1, which marked the end of the holiday-shortened week.