: U.S. oil ends higher for the session, tallies a nearly 5% weekly gain

U.S. oil futures finished higher on Friday, buoyed by a third straight weekly decline in U.S. crude inventories. Prices posted a second successive weekly gain, but “when you consider the tightness of the market, and the announcement of further output cuts this week, it’s somewhat surprising” they aren’t even higher, said Michael Hewson, chief market analyst at CMC Markets UK.  West Texas Intermediate crude for August delivery CLQ23 rose $2.06, or 2.9%, to settle at $73.86 a barrel on the New York Mercantile Exchange. Based on the front-month contract, prices gained 4.6% for the week, according to Dow Jones Market Data.

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