U.S. oil benchmark settles higher, still loses 4% for the week

The U.S. oil benchmark inched up on Friday, paring its weekly loss to about 4%. Prices for the commodity got a boost as the U.S. stock market climbed in the wake of two sessions of sharp losses that had sparked concerns over the outlook for energy demand. November West Texas Intermediate oil CLX8, +0.63% rose 37 cents, or 0.5%, to settle at $71.34 a barrel on the New York Mercantile Exchange. The decline for the week followed four consecutive weeks of gains.

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