Futures Movers: Oil prices head for weekly gain, fueled by Iran tensions

Oil futures resumed their march higher Friday, adding to a nearly 5% weekly jump, as tensions persisted in the Middle East and investors kept tabs on a Gulf of Mexico storm that some analysts said was already priced in.

Gains came even as investors sorted more signs that global supply will remain plentiful as the U.S. competes with OPEC, against the backdrop of a less-than-robust demand scenario.

August West Texas Intermediate crude CLQ19, +0.05% was up about 6 cents, or 0.1%, at $60.26 a barrel on the New York Mercantile Exchange. It wrapped Wednesday at $60.43, the highest settlement for front-month WTI prices since May 22 as part of a string of gains that only paused on Thursday.

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