U.S. crude oil on Friday posted its second weekly gain in a row as Israel prepares to retaliate against Iran.
The U.S. benchmark and global benchmark Brent gained more than 1% this week. Oil prices have gained more than 10% through Friday’s close since Iran hit Israel with ballistic missiles last week.
“Nevertheless, sustaining bullish price momentum in oil has proven to be a high maintenance task: without additional catalysts, the ‘war’ and ‘stimulus’ premiums have shown easy susceptibility to fading,” Natasha Kaneva, head of global commodities strategy at JP Morgan, told clients in a Friday note.
Here are Friday’s closing energy prices:
- West Texas Intermediate November contract: $75.56 per barrel, down 29 cents, or 0.38%. Year to date, U.S. crude oil has gained more than 5%.
- Brent December contract: $79.04 per barrel, down 36 cents, or 0.45%. Year to date, the global benchmark has increased more than 2%.
- RBOB GasolineNovember contract: $2.1516 per gallon, little changed. Year to …