Oil Futures Fall For The Session, But Gain For The Week

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures fell Friday, giving up much of what they gained a day earlier. Analysts warned that U.S. supplies are likely to rebound from a surprise drop as the Gulf of Mexico returns to normal operations in the wake of storm that disrupted output and transportation activities in the region last week. Oil prices, however, still gained 3.2% for the week as some traders held out hope that producers will agree to curb production at a meeting later this month. October WTI crude fell $1.74, or 3.7%, to settle at $45.88 a barrel on the New York Mercantile Exchange, after jumping 4.7% on Thursday.

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