Oil Prices End Sharply Lower, Log First Weekly Loss Since Mid-September

Oil futures settled lower Friday, deepening their loss for the week, as uncertainty surrounded a weekend meeting of major oil producers who are expected to discuss a proposal to curb crude production. December West Texas Intermediate crude-oil futures finished down $1.02, or 2.1%, at $48.70 a barrel. For the week, oil closed off about 4%, marking its first weekly decline after booking weekly gains for five straight weeks, according to FactSet data.