Oil logs 9% weekly rise, biggest since late 2016; refinery fire jolts gasoline futures
Saturday, 22 June 2019 03:08 WIB | ENERGY |MinyakMinyak WTI

Oil futures gained on Friday, with U.S. prices tallying a rise of nearly 9% for the week and highest settlement this month, lifted by expectations for economy-boosting central bank policy and continued Middle East tensions that could disrupt oil markets.

Gasoline led the climb among energy futures, up almost 4% for the session, amid reports that a fire at a 150-year-old refinery complex in Philadelphia startled residents with explosions. Any permanent damage to the facility, the largest on the U.S. Eastern Seaboard, was as yet unclear.

On Friday, the new front-month contract, August West Texas Intermediate crude rise 36 cents, or 0.6%, to settle at $57.43 a barrel on the New York Mercantile Exchange. Based on front-month prices, WTI finished at its highest since May 29. It rose 8.8% for the week, the biggest such percentage climb since the week ended Dec. 2, 2016, according to Dow Jones Market Data.

Source : MarketWatch

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