Oil Prices Log Biggest Weekly Gain Of The Year

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices finished Friday at their highest level since late May, lifting their weekly gain to 8.6%, on the back of renewed output-curb commitments from some key oil producers and uncertainty surrounding supplies from Venezuela. September West Texas Intermediate crude rose 67 cents, or 1.4%, to settle at $49.71 a barrel on the New York Mercantile Exchange for the session. Prices saw their biggest weekly percentage gain since early December.

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