Oil futures settled lower on Friday, with the U.S. benchmark scoring its 10th straight week gain by a thread, as concerns over the global glut of crude supplies persisted ahead of a long holiday weekend.July crude CLN5, -1.20% settled at $59.72 a barrel, down $1, or 1.7% on the New York Mercantile Exchange. The contract itself, which became the front-month after Tuesday’s close, fell 1.4% for the week, but tracking the most-active contracts, prices edged up by 0.05%—or 3 cents from the most-active June crude close of $59.69 a week ago.
Prices based on the most-active contracts have been climbing since the week ended March 20.
July Brent crude LCON5, -1.49% on London’s ICE Futures exchange fell $1.17, or 1.8%, to $65.37 a barrel, down 2.1% for the week.
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