Oil futures settle higher, with U.S. prices tallying a weekly climb of nearly 8%

Oil futures rose Friday for a fourth straight session, with U.S. prices posting a weekly gain of 7.7%. Analysts attributed the bulk of the week’s gains to Saudi Arabia’s recent decision earlier this week to cut its output by additional 1 million barrels per day starting next month. February West Texas Intermediate crude
CLG21,
+0.94%
rose $1.41, or 2.8%, to settle at $52.24 a barrel on the New York Mercantile Exchange.