Prices for the U.S. crude-oil benchmark settled lower on Friday, but still tallied a gain for a ninth week in a row—said to be the longest weekly streak of gains in at least 30 years.Concerns over a supply glut in the market pressured prices, but weakness in the U.S. dollar and a 23rd straight weekly decline in the number of active U.S. oil rigs helped cut losses.
On the New York Mercantile Exchange, June West Texas Intermediate crude CLM5, +0.13% lost 19 cents, or 0.3%, to settle at $59.69 a barrel.
Oil fell more sharply earlier in the session but pared losses as the dollar turned lower DXY, -0.17% Oil is priced dollars, so changes in the value of the greenback can make oil cheaper or more expensive to holders of other currencies.
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