WTI Oil Drops More Than 9% For The Month

By Myra P. SaefongMarketWatch Pulse

Oil futures settled higher on Friday, as traders held onto hope for a crude production cut and the market digested a sixth straight weekly fall in the number of active U.S. oil drilling rigs. March West Texas Intermediate crude settled at $33.62 a barrel on the New York Mercantile Exchange, up 40 cents, or 1.2% for the session. Tracking the most-active contracts, prices fell 9.2% for the month. For the week, they gained 4.4%.

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