Oil Gains For The Day, But Drops Over 6% For The Week

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures settled higher Friday, but fell more than 6% for the week. Prices suffered from a steep decline in the previous session, settling Thursday at their lowest level since Nov. 29--the day before the Organization of the Petroleum Exporting Countries announced an agreement to curb crude production. The recent drop prompted traders to question the effectiveness of OPEC's efforts to rebalance the market. June WTI crude rose 70 cents, or 1.5%, to settle $46.22 a barrel on the New York Mercantile Exchange. Prices lost about 6.3% from a week earlier.

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