Oil Futures Settle Nearly 4% Lower For The Week

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures finished Friday with a loss to tally a weekly decline of nearly 4% for the week. A glut of crude and gasoline supplies and expectations more crude supplies from Libya pressured prices. September WTI crude fell by 56 cents, or 1.3%, to settle at $44.19 a barrel on the New York Mercantile Exchange. Prices ended about 3.8% below the $45.95 settlement price for the front-month August contract a week ago.

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