Oil Prices Gain For The Session, But Suffer a Quarterly Loss

By Myra P. Saefong Markets MarketWatch Pulse

Oil futures settled higher Friday, with West Texas Intermediate crude ending at its highest level in more than three weeks, but prices fell for the quarter. Traders continued to question the sustainability of the OPEC-led production cut and prospects for U.S. output growth. May West Texas Intermediate crude rose 25 cents, or 0.5%, to settle at $50.60 a barrel for the session. For the quarter, prices lost 5.8%, based on the most-active contract's settlement on Dec. 30.

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