Oil Prices Log Biggest Weekly Gain Of The Year

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.