Crude Oil Gives Back Ground But Posts Second Straight Weekly Gain

(RTTNews) - Crude oil prices saw a modest pullback during trading on Friday, giving back ground after surging in the previous session.

After spiking $2.61 or 3.6 percent to $75.85 a barrel on Thursday, crude for November delivery dipped $0.29 or 0.4 percent to $75.56 a barrel. Despite the pullback on the day, the price of crude oil jumped by 1.6 percent for the week.

The price of crude oil moved higher for the second straight week as traders continued to digest Iran's ballistic missile attack against Israel earlier this month.

Traders continue to await Israel's response to attack amid worries Iran's oil industry will be targeted, leading to supply disruptions.

Israel's security cabinet reportedly met Thursday to discuss the response to Iran's attack, while President Joe Biden and Prime Minister Benjamin Netanyahu spoke by phone on Wednesday.

Meanwhile, traders looked ahead to a weekend press briefing from China's finance minister, where details on the country's fiscal policy adjustments geared towards fostering economic revival will be revealed.