Oil futures finished higher on Friday, but posted a third straight weekly loss. “Oil pundits forecasting widespread oil shortage this year is old news, and the reality is that physical markets are flush with the black gold,” said Manish Raj, managing director at Velandera Energy Partners. December West Texas Intermediate crude

rose $1.43, or 1.9%, to settle at $77.17 a barrel on the New York Mercantile Exchange. For the week, prices for the front-month contract lost nearly 4.2%, according to Dow Jones Market Data.

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