Oil futures climbed on Friday, with the U.S. crude benchmark up by more than 5% for the week on ongoing tensions between Russia and Ukraine, but natural-gas prices eased back after a five-session run up.
West Texas Intermediate crude for January delivery rose 38 cents, or 0.5%, to trade at $70.48 a barrel on the New York Mercantile Exchange. Based on the front month contract, prices traded up by more than 5% for the week, FactSet data show. January Brent crude climbed by 26 cents, or 0.4%, to $74.49 a barrel on ICE Futures Europe, eying a weekly rise of 4.9%. Brent and WTI were poised to score their best weekly performance since the week ended Oct. 4.
The December contract for natural gas, meanwhile, traded at $3.156 per million British thermal units, down 5.5% for the session, but up over 11% for the week.
Forecasts for colder weather, Donald Trump’s win in the U.S. presidential election, and the escalation in the Russia-Ukraine war have all contributed to a rise in natural-gas prices, said David Grumhaus, president and chief investment officer at Duff & Phelps.