Oil futures rallied on Friday, buoyed by a weaker U.S. dollar as traders priced in a stronger possibility that the U.K. will vote to remain in the European Union in a referendum next week.Prices, however, suffered a weekly loss, their largest since early May, on signs of a potential recovery in crude production.
July West Texas Intermediate crude CLN6, +4.44% added $1.77, or 3.8%, to settle at $47.98 a barrel on the New York Mercantile Exchange. It finished about 2.2% lower for the week, which was the biggest loss since the week ended May 6.
August Brent crude LCOQ6, +4.37% climbed $1.98, or 4.2%, to end at $49.17 a barrel on London’s ICE Futures exchange, for a weekly loss of roughly 2.7%. That was also the biggest weekly decline in six weeks.
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