Crude oil and refined product futures prices ended the day and week higher Friday as markets continue to price in the possibility of disruptions in global petroleum supplies.
It was the second week that oil prices have moved higher, with U.S. benchmark West Texas Intermediate ending the week up 5.6% and Brent crude seeing gains of 6.6%.
The October WTI contract rose by 23cts during its first day in the front-month position, ending the session at $87.06/bbl. November prices rose by 30cts to $85.16/bbl.
October Brent crude moved up by 61cts during the day to $94.39/bbl and November prices gained 70cts to $92.67/bbl.
Crude prices, however, were giving back most of those gains in late trading at about 4:15 p.m. ET, with WTI moving nearly 40cts off settlement and Brent seeing late losses of about 45cts.
