Oil futures settled higher on Friday, but U.S. and global crude benchmarks still posted losses for the week. Oil prices initially fell this week before the passage of the U.S. debt ceiling bill, and a strong U.S. May employment report saw prices recoup some of those losses later in the week, the commodities team at Capital Economics wrote in note Friday. Attention has turned toward the OPEC+ meeting in Vienna this weekend, and the most likely outcome is for production policy to be left unchanged, they said. July West Texas Intermediate crude CLN23 rose $1.64, or 2.3%, to settle at $71.74 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract lost 1.3% for the week, according to Dow Jones Market Data.
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