Oil prices were lower on the day but traded higher week over week. Signs of a slowing economy in major commodity consumer China gave prices a ceiling. But for the week, both benchmarks settled up more than 4%. Prices have recovered after Brent fell below $69 for the first time in nearly three years on Sept. 10. “The market concluded that a sub-$70 level combined with hedge funds holding a record weak belief in higher prices of crude and fuel products would require a recession to be justified, a risk this week’s bumper U.S. rate cut helped reduce,” Ole Hansen, head of commodity strategy at Saxo Bank, said. Rising tensions in the Middle East, raising the risk of supply disruption, further boosted the oil market. WTI traded down $.03 or -.4% to close at $71.92. Brent traded down $.39 or -.52% to close at $74.49.