Oil futures score a 7th straight weekly gain

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Oil futures climbed on Friday and marked a weekly gain for a seventh consecutive session. Crude prices rose as Moderna Inc.’s COVID vaccine is poised to get vaccine authorization from the U.S. Food and Drug Administration, said Edward Moya, senior market analyst at Oanda. However, “successful vaccine execution” is what is needed to send U.S. benchmark crude prices well above the $50 level and “that is unlikely to happen for months.” January West Texas Intermediate crude rose 74 cents, or 1.5%, to settle at $49.10 a barrel on the New York Mercantile Exchange. For the week, prices based on the front-month contract rose 5.4%, according to FactSet data.
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