Oil Futures Settle Back Below $50, But Gain 0.9% On Week

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures fell on Friday to settle back below $50 a barrel, as a second-straight weekly rise in the number of active U.S. rigs drilling for oil raised concerns about growing production. July WTI crude settled at $49.07 a barrel on the New York Mercantile Exchange, down $1.49, or 3%, for the session. Prices still finished higher for the week as global supply disruptions pulled prices past $51 a barrel Wednesday to their highest level in nearly 11 months.

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