Oil prices settle higher Friday, notch sharp weekly losses

Oil prices rose on Friday, but suffered marked losses for the week.

The West Texas Intermediate for September delivery added 47 cents, or 0.5 percent, to settle at 89.01 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for October delivery increased 80 cents, or nearly 0.9 percent, to close at 94.92 dollars a barrel on the London ICE Futures Exchange.

Oilfield services firm Baker Hughes reported Friday the number of U.S. oil rigs, an early indicator of future output, fell by 7 this week to 598.

For the week, the U.S. crude benchmark shed 9.7 percent, while Brent dropped 8.7 percent, based on the front-month contracts.