Oil Ends Week Higher as Supply Threats Outweigh Doubts on Demand

Pemex saw output fall 10%; Iran said to fire ballistic missile
WTI futures add 1% for week, as Persian Gulf conflict simmers

A worker looks out across the Taneco Oil Refining and Petrochemical complex, operated by Tatneft PJSC, in Nizhnekamsk,Tatarstan, Russia, on Tuesday, March 5, 2019. Tatneft explores for, produces, refines, and markets crude oil.Photographer: Andrey Rudakov/Bloomberg

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By Alex Nussbaum

July 25, 2019 at 10:36 PM UTC

Updated on

July 26, 2019 at 7:09 PM UTC

This article is for subscribers only.

Oil finished higher for the week after a volatile trading session that pitted gnawing doubts about global demand against supply threats from the Middle East and beyond.

Futures gained 0.3% in New York on Friday and ended the week up 1%, reversing from last week’s steep loss. Oil turned higher after Mexico’s state-run oil company said crude output fell about 10% in the second quarter, adding to tensions after Iran reportedly tested a medium-range ballistic missile in the Persia Gulf region.