Oil prices bounced higher Friday, but they posted the longest weekly losing streak since 1986 as a weak supply-demand outlook continued to weigh on the market. Oil prices have dropped about 30% since mid-June as new additions to supply have surpassed growth in demand. Market watchers are increasingly skeptical that the Organization of the Petroleum Exporting Countries will act to cut production at its Nov. 27 meeting to reduce the global oil glut. Prices dropped below $75 a barrel Thursday for the first time in more than four years, as the U.S. Energy Information Administration said domestic production had climbed to its highest level in decades.