Oil futures edge lower, but post a 1.5% gain for the week

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U.S. oil futures settled modestly lower on Friday, but gained 1.5% for the week. Prices “started to reverse the storm-related premium after Hurricane Laura made landfall as a major hurricane that nonetheless had not left behind significant damage to oil rigs,” said Marshall Steeves, energy markets analyst at IHS Markit. “Unless damage is uncovered when offshore operators return to assess their assets, production may be impacted for just a short duration.” October West Texas Intermediate oil fell 7 cents, or 0.2%, to settle at $42.97 a barrel on the New York Mercantile Exchange.
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