Oil futures finished higher on Friday, giving up earlier losses as reports of an attack on a Saudi oil facility renewed worries about tight global crude supplies. Oil prices had been trading lower before the news of the attack, after the European Union didn’t ban much-needed oil from Russia, like its U.S. counterpart did earlier this month. The European Union can’t sanction Russian oil completely, but the attack on an oil facility reminds traders that Yemen’s Houthi rebels have the ability to shut down production in Saudi Arabia, said Phil Flynn, senior market analyst at The Price Futures Group. West Texas Intermediate crude for May delivery rose $1.56, or 1.4%, to settle at $113.90 a barrel on the New York Mercantile Exchange. For the week, prices for the front-month contract rose 10.5%, according to Dow Jones Market Data.
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