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Oil lower but set to log big weekly gain

August 30, 2019


Oil futures fell Friday, but the U.S. benchmark remains on track for a more-than-3% weekly rise after a large fall in U.S. inventories and some cautious optimism on trade.

West Texas Intermediate crude for the October delivery CLV19, -1.32% fell 77 cents, or 1.4%, to $55.94 a barrel, but was still headed for a 3.3% weekly rise. It’s been a tough August for crude, with the commodity slipping into a bear market. The U.S. benchmark remains on track for a 4.5% monthly decline.

November Brent crude BRNX19, -0.66%, the global benchmark, lost 45 cents, or 0.7%, to trade at $60.04 a barrel on ICE Europe, leaving it with a 1.2% weekly rise. Brent is off 7.6% for the month.

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