Oil futures took a hit on Friday to tally a loss for the week as traders bet on a further rise in Saudi crude output, worried about energy demand on the heels of Greece’s ongoing debt drama and monitored negotiations over Iran’s nuclear program.On the New York Mercantile Exchange, July crude CLN5, -1.79% slumped 84 cents, or 1.4%, to settle at $59.61 a barrel. Tracking the most-active contracts, prices saw a weekly decline of 0.6%.
August Brent crude LCOQ5, -2.18% on London’s ICE Futures exchange fell $1.24, or 1.9%, to $63.02 a barrel. Prices were down 1.3%, based on the most-active contracts.
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