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By Arathy Somasekhar HOUSTON (Reuters) -Oil prices rose almost 1.5% on Friday, settling with a second straight weekly increase as impending European Union sanctions on Russian oil raised the prospect of tighter supply and had traders shrugging off worries about global economic growth. Brent futures rose $1.49, or 1.3%, to settle at $112.39 per barrel. U.S. West Texas Intermediate (WTI) crude climbed $1.51, or 1.4%, to $109.77 a barrel. “In the near term, the fundamentals for oil are bullish and it is only fears of an economic slowdown in the future that is holding us back,” said Phil Flynn, an…