U.S. oil futures climb more than 5% for the week

Oil climbed Friday, with U.S. benchmark prices gaining more than 5% for the week on the heels of seven consecutive weekly declines. The market continues to receive reports of lower Iranian oil exports, said James Williams, energy economist at WTRG Economics. As the effect of U.S. sanctions on Iran become reality, they will impact the market, he said. October West Texas Intermediate oil CLV8, +1.09% settled at $68.72, up 89 cents, or 1.3%, on the New York Mercantile Exchange. The contract rose 5.4% for the week.

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Oil bounce sees U.S. benchmark end 7-week streak of declines

Oil futures rise on Friday, allowing the U.S. benchmark to post a weekly gain for the first time in about two months, as investors focus on tightening crude inventories, including signs of shrinking output from Iran.

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