U.S. oil futures edge higher for the session, fall nearly 9% for the week

Oil futures climbed on Friday, with U.S. prices up modestly but posting an 8.8% loss for the week, according to Dow Jones Market Data. The negative reaction in oil to a weekly increase in gasoline inventories “suggests that oil was overdue for a trading correction, and some traders were looking for an excuse to take profits,” said Colin Cieszynski, chief market strategist at SIA Wealth Management. Although investors initially reacted negatively to Friday’s strong employment numbers due to their implications for interest rates, “the implication for crude oil is that the underlying economy remains strong and demand may remain robust,” he said. November West Texas Intermediate crude
CLX23,
+0.61%
added 48 cents, or 0.6%, to settle at $82.79 a barrel on the New York Mercantile Exchange.