Oil prices settled higher Friday, with a weekly gain of more than 5% on growing expectations that members of Organization of the Petroleum Exporting Countries will agree to extend production cuts when they meet next week. Prices on Friday, however, finished off the session’s high after data from Baker Hughes
revealed an 18th straight increase in active U.S. oil rigs, boosting the likelihood for gains in U.S. production. June West Texas Intermediate crude
rose 98 cents, or 2%, to settle at $50.33 a barrel on the New York Mercantile Exchange. The settlement was the highest in about a month, according to FactSet data.