Oil futures settled higher on Friday to score a nearly 12% a weekly advance on growing expectations that overall weakness in prices will soon prompt sizable declines in production.West Texas Intermediate crude for October delivery CLV5, +6.51% tacked on $2.66, or 6.3%, to settle at $45.22 a barrel on the New York Mercantile Exchange, for a 11.8% weekly climb. That was the largest weekly percentage gain since March 2009, according to FactSet data.
October Brent crude LCOV5, +4.98% on London’s ICE Futures exchange added $2.49, or 5.2%, to $50.05 a barrel, about 10.1% higher on the week.
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