Oil prices rally for the session, but fall for the week


Oil prices settled sharply higher Friday, buoyed by unconfirmed reports of a unit shutdown at a major U.S. refinery, as well as a weekly decline in the active drilling rig count for oil. September WTI crude

CLU7, +3.48%

rose $1.42, or 3%, to settle at $48.51 a barrel on the New York Mercantile Exchange. That was its highest finish in a week, but it still lost 0.6% from last Friday’s finish.

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Oil ends sharply higher, with U.S. prices down a third week in a row