Oil settles at one-week high, but ’downside’ risks prevail

Oil futures climbed Thursday, with U.S. benchmark prices settling at their highest in a week, buoyed by a weaker U.S. dollar and a seventh straight week of falling U.S. crude inventories.

But analysts warned of “downside” risks to prices as global output remained strong.

July crude CLN5, -0.08%  tacked on 53 cents, or 0.9%, to settle at $60.45 a barrel on the New York Mercantile Exchange. That was the highest settlement for a most-active contract since June 11.

Brent crude for August delivery LCOQ5, +0.02%  rose 39 cents, or 0.6%, to $64.26 a barrel on London’s ICE Futures exchange.

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