Oil Ends Higher, But Still Marks a Third Weekly Decline

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices finished with a gain Friday, finding support after suffering back-to-back losses. Oil, however, still lost 3.8% for the week-its third weekly decline in a row. Data showing an unexpected rise in last week's U.S. crude supplies fed concerns that efforts by other major oil producers to cut global inventories will fail. Baker Hughes , meanwhile, reported that the number of active U.S. oil rigs has climbed 21 consecutive weeks, raising expectations for further production growth. July WTI crude rose 19 cents, or 0.4%, to settle $45.83 a barrel on the New York Mercantile Exchange.

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