Futures Movers: Oil prices rise, aided by optimism over global supply declines

Oil futures climbed on Friday as signs of the market tightening after major oil producers agreed to cut output helped set prices up for a modest gain on the week.

On the New York Mercantile Exchange, February West Texas Intermediate crude CLG7, +2.57% jumped $1.47, or 2.9%, to $52.84 a barrel. The contract, which expires at the day’s settlement, finished last Friday at $52.37 so it is trading around 0.9% higher for the week, according to FactSet data. March WTI crude CLH7, +2.57% traded at $53.60, up $1.48, or 2.8%, trading above last Friday’s finish of $53.15.

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