Crude Oil Gives Back Ground But Posts Third Straight Weekly Gain

(RTTNews) - Crude oil prices showed a modest move to the downside during trading on Friday, giving back ground after moving notably higher in the previous session.

After jumping $0.84 to $81.74 a barrel on Thursday, crude for August delivery dipped $0.20 to $81.54 a barrel.

The modest pullback may have reflected profit taking after crude oil prices reached their highest levels in two months.

Despite the decrease on the day, the price of crude oil recorded its third straight weekly gain, jumping by 1.0 percent for the week amid concerns about Middle East tensions.

Cross-border strains between Israel and Lebanon's Hezbollah have escalated in recent weeks, raising concern that the Israel-Hamas war in Gaza may spread throughout the Middle East.

Earlier this week, Turkish President Tayyip Erdogan said his country stood in solidarity with Lebanon and called on the region's countries to show their support.