Oil futures settle higher for the session, with the U.S. benchmark up nearly 3% for the week

Oil futures settled higher on Friday, with U.S. benchmark prices up almost 3% for the week. Political turmoil in Venezuela, declines in OPEC crude output and a weekly fall in the U.S. oil-rig count all contributed to the price gains. March West Texas Intermediate oil rose $1.47, or 2.7%, to settle at $55.26 a barrel, the highest finish for a front-month contract since Nov. 19, according to FactSet data.

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