Oil futures end modestly higher after posting 7 consecutive weekly declines

Oil futures finished higher on Monday after posting seven consecutive weekly declines. Gains for the session came from a “combination of near-term oversold conditions in the futures market” after West Texas Intermediate crude tested critical 2023 support in the upper $60s last week, said Tyler Richey, co-editor at Sevens Report Research. Generally improving investor sentiment and risk-on money flows across other asset classes have also provided support to oil, he said. January WTI crude
CLF24,
+0.04%
edged up by 9 cents, or 0.1%, to settle at $71.32 a barrel on the New York Mercantile Exchange.