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Oil ends near stability on Friday

Oil ends near stability on Friday

Mubasher: Oil futures inched up at Friday's settlement, rising 4.7% for the week.

August Nymex WTI increased by $0.01 to close at $60.21 per barrel.

The International Energy Agency (IEA) said that global oil inventories had seen surprising build-ups during the first half of this year, as production cuts led by a group of the world’s top producers failed to prevent a market glut.