Oil prices rose on Friday but still posted a weekly loss, the eighth in nine weeks, as global production cuts could not keep pace with the collapse in demand caused by the coronavirus pandemic. Crude futures rebounded late in the day after U.S. rig count figures showed producers aggressively pulling back on drilling. Brent LCOc1 futures rose 11 cents, or 0.5%, to settle at $21.44 a barrel, while U.S. WTI crude CLc1 rose 44 cents, or 2.7%, to settle at $16.94. Oil marked the third straight week of losses, with Brent ending down 24% and U.S. West Texas Intermediate (WTI) off around 7%. Oil trading has been extremely volatile. U.S. prices fell into negative territory on Monday for […]