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June 5, 2020, 2:48 p.m. EDT

Oil futures rally on signs of economic recovery and bets that OPEC+ will extend output cuts

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By Myra P. Saefong

Oil futures rallied Friday, buoyed by better-than-expected data on U.S. employment and expectations that the Organization of the Petroleum Exporting Countries and its allies will agree to extend current production cuts at a meeting Saturday. U.S. prices were up by more than 11% for the week. July West Texas Intermediate oil rose $2.14, or 5.7%, to settle at $39.55 a barrel on the New York Mercantile Exchange Friday. That was the highest front-month contract settlement since March 6, according to Dow Jones Market Data.

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Oil prices log over 11% weekly rise, with OPEC+ set to meet Saturday to discuss extension of output cuts

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