MW: Oil ends higher, with Venezuela turmoil, OPEC output cuts feeding a weekly gain

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MARKETWATCH reports: “Oil futures ended higher Friday, feeding a gain for the week as U.S. sanctions on Venezuela’s state-owned oil firm raised the risk of tighter crude supplies and a recent survey showed a considerable monthly decline in OPEC production. Prices extended their gain after data released Friday showed a weekly decline in the number of active U.S. oil rigs, implying a potential slowdown in domestic production activity. The price move followed a fall in Thursday’s session, but U.S. and global ...