Oil futures settle lower, with U.S. prices down nearly 9% for the week

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Oil futures declined Friday, with U.S. prices down a seventh session in row, posting a loss of nearly 9% for the week. Concerns over the demand outlook and delays to a return to some form of normality in September forced a “reappraisal of the economic outlook as we look towards the autumn months,” said Michael Hewson, chief market analyst at CMC Markets UK. West Texas Intermediate crude for September delivery
CLU21,
-2.26%
fell $1.37, or nearly 2.2%, to settle at $62.32 a barrel on the New York Mercantile Exchange. The contract expired at the day’s settlement. The new front-month October WTI contract
CLV21,
-2.30%
lost $1.36, or 2.1%, to settle at $62.14.

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