Oil Posts First Weekly Gain in Three Weeks

WTI crude futures rose 0.2% Friday to settle at $63 a barrel, logging their first weekly gain in three weeks as geopolitics and supply shifts drove volatility.

Fresh Russian airstrikes and Ukrainian attacks on a refinery and the Druzhba pipeline disrupted supply flows, while U.S. crude inventories dropped 6 million barrels, far exceeding expectations and signaling strong demand.

Fed Chair Jerome Powell’s dovish Jackson Hole remarks also boosted hopes for a September rate cut, which could lift energy demand. Still, concerns over weak German data and the risk of a post-summer supply glut capped further gains.