Oil Edges Higher, Up $2 for the Week

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Oil Edges Higher, Up $2 for the Week

WTI oil front-month prices rise 0.3% to $112.58 and are in position for a 1.9%, or $2 weekly increase for a fourth straight weekly gain. The more-active July contact rises 0.3% to $110.16. Prices declined some early in the week as a drop in US stock markets and recession worries curbed risk appetite. But oil investors then shrugged off those concerns since the current problem is on the supply side as US inventories of refined fuels remain significantly lower than normal heading into the peak summer driving season. “The technical factors remain strong, suggesting a test to the $115-$120 is a likely scenario,” says Spartan Capital’s Peter Cardillo in a research note.