Oil Gains For The Session, Cutting Weekly Loss

Oil futures climbed on Friday, buoyed by weakness in the U.S. dollar as some concerns over the potential for the U.K. to exit the European Union eased. Prices for the week, however, declined on signs of a possible recovery in crude production. Baker Hughes on Friday reported a third-straight weekly climb in the U.S. oil-rig count. July WTI crude settled at $47.98 a barrel on the New York Mercantile Exchange, up $1.77, or 3.8%, for the session. It lost 2.2% for the week.