Oil Futures Lose 3.1% For The Week

Oil futures settle lower on Friday to post a loss of 3.1% for the week as Goldman Sachs cut its forecasts on crude prices. October crude fell $1.29 for the session to settle at $44.63 a barrel on the New York Mercantile Exchange. Prices, which traded as low as $44.16, pared some of their losses after Baker Hughes [:bhi] reported a weekly decline in active U.S. oil-drilling rigs.