Oil futures edged lower Friday and remained on track for a weekly loss, but have bounced significantly following a Monday rout.
September Brent crude BRN00, -0.11% BRNU21, -0.11%, the global benchmark, was off 26 cents, or 0.4%, at $73.53 a barrel on ICE Futures Europe, leaving it down less than 0.1% for the week. The market’s rebound “confirms our hypothesis that the selloff was ultimately sparked by external factors,” said Eugen Weinberg, commodity analyst at Commerzbank, in a note.
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