Oil Futures Close Higher to Limit Weekly Decline

Oil prices rose on Friday, limiting their weekly decline that resulted mostly because of concerns about demand recovery amid a resurgence of the coronavirus with a rising number of new cases, especially in India.

Brent crude futures for June delivery gained 71 cents, or 1.1%, to close at $66.11 per barrel. The global benchmark contract posted a weekly decline of 1%.

Meanwhile, West Texas Intermediate (WTI) crude futures for June delivery finished higher by 71 cents, or 1.2%, at $62.14 per barrel, falling by 1.7% for the week.

Since the beginning of the year, both the global and U.S. benchmark crude most active contracts gained about 27%.