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Oil prices rally from earlier decline

Oil prices rallied Friday, feeding a hefty gain for the week, as OPEC members agreed to raise output, but by an amount that appears likely to be less than traders had feared.
 
August West Texas Intermediate crude on the New York Mercantile Exchange rose $2.94, or 4.5%, to $68.48 a barrel, poised for its highest finish in more than three weeks.
 
Prices for the contract, which became the front-month futures contract at Wednesday's settlement, traded 5.8% higher for the week.
 
August Brent crude climbed $1.75, or 2.4%, to $74.80 a barrel, rebounding from Thursday's finish at $73.05, which was the lowest for the international benchmark since April 17. 
 
The contract was set for a weekly rise of roughly 1.9%, the first such rise in a month.


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