Oil futures climbed on Friday to post a fourth straight weekly gain. High inflation and hawkish Federal Reserve had “spoilt the party for oil producers, but the oilmen are now back and the party is in full swing,” said Manish Raj, managing director at Velandera Energy Partners. “With the peak inflation appearing in the rear view mirror, traders can shake off the macro risk that had underpinned the oil trade for months.” May West Texas Intermediate crude
CLK23,
rose 36 cents, or 0.4%, to settle at $82.52 a barrel on the New York Mercantile Exchange. For the week, prices for the front-month contract climbed 2.3%, according to Dow Jones Market Data.
