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Oil scores 2nd weekly rise in row

Oil scores 2nd weekly rise in row

Mubasher: Oil prices rose on on Friday, to record its second consecutive weekly gain.

Crude prices were supported by the announcement of the Organization of the Petroleum Exporting Countries (OPEC) to cut production by 800,000 barrels a day from October's levels.

Data showed on Friday reported a decline in active rigs drilling for oil in the United States by 10 to 877 this week.

Nymex futures for January delivery rose $1.12, or 2.2%, to settle at $52.61 per barrel.