Oil futures finished Friday with a modest loss following news of a monthly climb in production from the Organization of the Petroleum Exporting Countries.But prices still tallied a nearly 20% gain for the month on expectations that U.S. output will continue to slow.
Volatility was high on Friday. Prices found support early in the session from a drop in the U.S. dollar to its weakest in about 11 months. They turned lower after separate media surveys showed a monthly rise in OPEC crude output, then pared most of those losses after data showed a sixth straight weekly decline in the number of U.S. rigs drilling for oil.
June West Texas Intermediate crude CLM6, -0.09% fell 11 cents, or 0.2%, to settle at $45.92 a barrel on the New York Mercantile Exchange. For the month, prices finished roughly 19.8% above the $38.34 front-month contract settlement on March 31.
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