Oil ends higher, but sees weekly drop, as Biden meets with Saudis

Updates to correct closing price for August WTI futures.

Oil futures ended higher Friday, finding support as news reports said U.S. officials were playing down expectations President Joe Biden’s meetings with top Saudi officials, including Crown Prince Mohammed bin Salman, would see Riyadh move to immediately boost crude output. Biden arrived in Jeddah late Friday. West Texas Intermediate crude for August delivery
CL.1,
+1.87%
CLQ22,
+1.87%,
the U.S. benchmark, rose $1.81, or 1.9%, to close at $97.59 a barrel on the New York Mercantile Exchange. WTI fell 6.9% for the week, with pressure tied to growing fears that aggressive tightening by the Federal Reserve and other central banks could lead to sharp economic slowdowns.