Oil futures settled higher for the session Friday, but suffered a decline of about 3% for the week. Prices found support from data revealing that the number of active U.S. oil rigs was unchanged for the week, following eight weeks of increases. Traders also assessed the likelihood of a interest-rate increase at the next Federal Reserve meeting September, following comments from the top two officials at the central bank. October WTI crude rose 31 cents, or 0.7%, to settle at $47.64 a barrel on the New York Mercantile Exchange.
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