Oil Futures End Down Week on Up Note
Crude futures settle higher on the day, but down in a week marked by geopolitical themes around Venezuela and Russia-Ukraine, while underlying concerns about oversupply keep sentiment bearish.
"Crude futures remain in a holding trading pattern awaiting news of both Russia/Ukraine talks (that currently seemed stalled) and exactly how Venezuela's blockade is going to play out," Dennis Kissler of BOK Financial says in a note.
Those are support points, although "the reality remains that global supplies are well over the 5-year averages and on-the-water storage sets at record levels." WTI for January delivery goes off the board at $56.66 a barrel, up 0.9% for a 1.4% weekly loss.
Brent rises 1.1% to $60.47,and is 1.1% lower on the week.
Source:MarketTalk.com