Oil prices closed at a one-week high on Friday, recouping losses as optimism over the crude market rebalancing outweighed concerns about shale production. Light, sweet crude for March delivery rose 34 cents, or 0.6%, to $61.68 a barrel on the New York Mercantile Exchange, marking the third straight session of gains. Brent, the global benchmark, advanced 51 cents, or 0.8%, to $64.84 a barrel. Oil found support earlier in the week after major oil producers such as Saudi Arabia signaled a committed partnership between the Organization of the Petroleum Exporting Countries and external producers such as Russia in their efforts to eliminate about 2% of global supply. A smaller-than-expected build in inventories last week also reassured investors that supply isn’t increasing by enough to overwhelm the market. ”The inventories at Cushing are just rapidly depleting,” said John Kilduff, managing partner at Again Capital, referring to a key storage and […]