Oil Prices Settle With Fifth Straight Weekly Gain

By Markets MarketWatch Pulse

Oil futures settled lower Friday, pulling back from a rally a day earlier, as Baker Hughes reported the first weekly rise in the U.S. oil drilling rig count this year. April West Texas Intermediate crude fell 76 cents, or 1.9%, to settle at $39.44 a barrel on the New York Mercantile Exchange. For the week, prices on the most-active contracts gained roughly 6.9% but the April contract itself, which expires at Monday's settlement, tacked on about 2.4%.

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