Source: Calgary Hearald

NEW YORK, N.Y. - Oil rose more than five per cent this week, even with a decline on Friday, as traders concluded last week's dive to a low for the year was overdone.

The price of oil slipped Friday after a report showing that growth picked up in the U.S. economy last quarter, but not as much as expected. Benchmark West Texas Intermediate crude for June delivery fell 64 cents to US$93 a barrel on the New York Mercantile Exchange.

Still, oil rose $4.99 a barrel over the week, with the 5.6 per cent increase the largest weekly gain of the year.

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