Oil Futures Mark Third Weekly Loss In a Row

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures settled sharply lower on Friday to tally a weekly loss of about 1.5%. Recent reports show record crude production from the Organization of the Petroleum Exporting Countries, fueling expectations that the group of major oil producers will not be able to finalize a deal to curb output later this month. December West Texas Intermediate crude fell $1.25, or 2.8%, to settle at $43.41 a barrel on the New York Mercantile Exchange.

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