Oil futures end lower for the week

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Oil futures were slightly lower on Friday, posting a loss for the week as some signs of tighter supplies, including a second weekly decline in U.S. crude inventories, failed to offset pressure from expectations of weaker energy demand on the back of the rise in COVID-19 cases. “The oil market is sensitive to the perceived health of the world economy and there were already signs that the rebound was cooling before the recent jump in new cases of coronavirus in Europe,” said David Madden, market analyst at CMC Markets UK. Meanwhile, data from Baker Hughes Friday showed that the number of active U.S. oil-drilling rigs climbed by 4 this week to 183, marking the first increase in three weeks. November West Texas Intermediate crude fell 6 cents, or nearly 0.2%, to settle at $40.25 a barrel on the New York Mercantile Exchange. For the week, prices for the most-active contract lost 2.6%, according to Dow Jones Market Data.
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