Oil futures closed above $106 a barrel Friday, paring their
loss for the week, as a drop in July new U.S. home sales raised the possibility
that the Federal Reserve may delay a slowdown in monetary stimulus.Crude oil for October delivery rose $1.39, or 1.3%, to settle at $106.42 a barrel on the New York Mercantile Exchange after touching a high of $106.94.
Prices for the contract still fell 0.8% from a week ago. Compared with the close of the September contract last Friday, which was the front-month contract at the time, prices lost 1% for the week.
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