Oil Caps Fifth Weekly Gain After Touching Its Highest Since 2014
- WTI slipped 0.5% on Friday, but has risen over 13% this year
- Wall Street is growing increasingly more bullish on oil
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Oil capped its fifth week of gains on continued signs of robust demand and strained crude supplies that have taken prices to seven-year highs.
Futures in New York edged lower on Friday, just above $85 a barrel, but were still up 1.6% for the week. Oil neared $88 earlier this week for its highest level since 2014 as geopolitical tensions threatened greater supply outages alongside strong demand numbers, despite the omicron variant.