U.S. oil futures settled on Friday with a loss of nearly 4% for the week, posting the lowest close in more than three months.Prices had dropped close to $50 a barrel during the session, pressured by ongoing concerns over a glut of crude supplies and a stronger U.S. dollar, but pared most of their losses after Baker Hughes reported a weekly decline in the number of active U.S. oil rigs.
August West Texas Intermediate crude CLQ5, -0.26% shed 2 cents to settle at $50.89 a barrel on the New York Mercantile Exchange after tapping a low of $50.14. Prices marked their lowest settlement since early April. They ended the week down 3.5%.
September Brent crude LCOU5, +0.32% added 18 cents, or 0.3%, to $57.10 a barrel. The European benchmark also diverged from WTI on Thursday, rising amid an oil-field outage and a contract expiration. For the week, the contract lost around 3.2%.
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