Oil Prices Gain For The Day, Fall For The Month

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices settled with a modest gain on Friday, but fell for the month. Traders continued to weigh bullish prospects for an extension to the Organization of the Petroleum Exporting Countries production-cut deal against a bearish climb in U.S. output. June WTI crude rose 36 cents, or 0.7%, to settle $49.33 a barrel on the New York Mercantile Exchange. Prices were down about 2.5% from the March 31 settlement of the front-month May contract.

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