Oil futures settled lower on Friday as worries over excess supply on the back of strong output from some of the world’s major oil producers weighed on prices for a second straight session, but prices logged a gain for the week on signs of a slowdown in U.S. production.July crude CLN5, -1.37% fell 81 cents, or 1.3%, to settle at $59.96 a barrel on the New York Mercantile Exchange. Based on the most-active contracts, prices saw a gain of around 1.4% on the week.
July Brent crude LCON5, -1.94% on London’s ICE Futures exchange fell $1.24, or 1.9%, to $63.87 a barrel. The July contract, which expires on Monday, was up about 0.8% for the week, but tracking the most-active contracts, prices were up around 2.1% for the week.
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