Oil futures rose on Friday, with U.S. prices posting a gain for a second straight week. The Energy Information Administration on Thursday reported an 8.4 million-barrel weekly rise in U.S. crude inventories, following an even larger 19 million-barrel increase a week earlier. “Nonetheless, the market managed to largely discount the move once again, signaling an expectation that refinery runs will pick up in the weeks ahead, as well as some longer-term confidence in Chinese demand growth and global economic conditions,” said Robbie Fraser, a research manager at Schneider Electric. On the contract’s expiration day, U.S. benchmark WTI crude for February delivery CLG23 rose 98 cents, or 1.2%, to end at $81.31 a barrel on the New York Mercantile Exchange, with prices for the contract up 1.8% for the week. The new front-month contract, March WTI oil CLH23 added $1.03, or 1.3%, to settle at $81.64.
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