Oil Futures Tally Fourth Straight Weekly Gain

By Myra P. Saefong Markets MarketWatch Pulse

Oil futures edged higher Friday, with ongoing signs that major oil producers are sticking to their pledge to cut back output helping prices tally a weekly gain of roughly 0.5%. However, expectations for higher output from Libya and the U.S., which aren't part of the production cut agreement, kept price gains in check. February West Texas Intermediate crude rose 23 cents, or 0.4%, to settle at $53.99 a barrel.

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