U.S. oil prices settled higher Friday, finding support a day after the Organization of the Petroleum Exporting Countries and other major producers agreed to extend their production-cut agreement to the end of next year. However, concerns about growing output from producers who aren’t part of the deal, particularly the U.S., helped pull prices down by 1% for the week. That was the biggest weekly loss since the first week of October. January West Texas Intermediate crude rose 96 cents, or 1.7%, to settle at $58.36 a barrel on the New York Mercantile Exchange.
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