Oil Gains For The Day, Pares Loss For The Week

By Myra P. Saefong Markets MarketWatch Pulse

Oil futures settled higher Friday, paring their loss for the week down to about 1.7%. Prices rebounded following a nearly 5% drop a day earlier, which was fueled by traders' disappointment that OPEC didn't take more aggressive measures to lower crude production. July WTI crude rose 90 cents, or 1.8%, to settle $49.80 a barrel on the New York Mercantile Exchange.

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