Oil Settles Lower, But Gains For The Week

By Myra P. SaefongMarketWatch Pulse

Oil futures turned lower late Friday, but still finished the week higher for the second time in a row as the market continued to mull the likelihood of a slowdown in global production. West Texas Intermediate crude "ran into some resistance technically" and pulled back, said Colin Cieszynski, chief market strategist at CMC Markets. Prices also likely saw some "profit-taking ahead of the weekend just like we've been seeing in the Dow today." April West Texas Intermediate crude fell 29 cents, or 0.9%, to settle at $32.78 a barrel on the New York Mercantile Exchange. It gained more than 3% for the week.

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