Oil Market Update : Epic Research Singapore

Oil futures settled lower on Friday, but still finished the week with a gain, as traders braced for a meeting between major producers, who are scheduled to discuss a potential production freeze this weekend to help boost prices and alleviate a glut of global crude supplies.

Prices briefly pared some of their earlier losses after Baker Hughes Inc. BHI, +1.44% reported that the number of active U.S. oil rigs fell by 3 to 351 as of Friday. That was the fourth weekly decline in a row.

May West Texas Intermediate crude CLK6, -2.65%  fell $1.14, or 2.8%, to settle at $40.36 a barrel on the New York Mercantile Exchang. Prices tallied a third straight session decline, but still tacked on about 1.6% for the week. June Brent crude LCOM6, -2.26% the global oil benchmark, fell 74 cents, or 1.7%, to $43.10 a barrel, on London’s ICE Futures exchange, with prices roughly 2.7% higher on the week.

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