Oil futures rally by more than 8% for the week

Oil futures marked their highest finish in two weeks on Friday, with U.S. prices posting a gain of more than 8% for the week. China's economic reopening is the "top mover for oil this week, but the good inflation data is also making people more optimistic about the U.S. economy either heading for a soft landing or a mild recession," said Michael Lynch, president of Strategic Energy & Economic Research. The weaker dollar is also likely a "minor factor moving prices up." The U.S. benchmark WTI crude for February delivery rose $1.47, or 1.9%, to settle at $79.86 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract settled at their highest since Dec. 30 and climbed 8.3% for the week, according to Dow Jones Market Data.

-Myra P. Saefong

(END) Dow Jones Newswires

01-13-23 1455ET

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