Oil Posts Gains For Seventh Straight Week

Oil futures settled lower on Friday following reports of a monthly rise in Iraqi oil exports, but prices still marked their seventh straight weekly gain on expectations that U.S. supplies will soon see sizable declines. June crude settled at $59.15 a barrel on the New York Mercantile Exchange, down 48 cents, or 0.8%, for the day. For the week, prices gained 3.5%.