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Oil futures score 9% gain for the week

Bloomberg

Oil futures logged a 9% weekly gain on Friday, supported by weakness in the U.S. dollar, the conflict in Syria and the possibility of a collaboration among the major oil producers, but prices still settled under the key $50 level.

Crude Oil - Electronic (NYMEX) Nov 2015

Data showing a fall in U.S. oil-rig counts was also supportive, while expectations that slowing U.S. refinery activity will help expand the glut of crude supplies capped price gains.

November West Texas Intermediate crude CLX5, +1.90% rose 20 cents, or 0.4%, to settle at $49.63 a barrel on the New York Mercantile Exchange, the highest settlement since July 21. Prices had traded as high as $50.92 during the session.

See also: T. Boone Pickens says the call for $70 oil by year-end isn’t dead yet

November Brent crude UK:LCOX5 on London’s ICE Futures exchange, however, fell 40 cents, or about 0.8%, to $52.65 a barrel, but still saw a gain of more than 9% on the week.

On the upside...


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