Oil futures ended with a loss on Friday, but remained higher for the week with traders weighing the potential for the spread of violence in the Middle East following the start of the Israel-Hamas war earlier this month. Stephen Innes, managing partner at SPI Asset Management, believed there was “enough headline risk” to hold the bid into the weekend and early next week.
However, “even at the cost of losing money on this long oil hedge/trade, I really hope cooler heads prevail and things do not spill over,” he said. November West Texas Intermediate crude CLX23, -0.39% fell 62 cents, or 0.7%, to settle at $88.75 a barrel on the New York Mercantile Exchange, with the contract expiring at the end of Friday’s session. Front-month prices ended the week 1.2% higher. The new front month December contract CLZ23, -0.53% settled at $88.08, down 29 cents, or 0.3%.
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