Oil ekes out a 10th straight weekly gain

Oil futures settled lower on Friday, with the U.S. benchmark scoring its 10th straight week gain by a thread, as concerns over the global glut of crude supplies persisted ahead of a long holiday weekend.

The dollar DXY, +0.08% jumped after a stronger-than-expected reading on inflation, and the advancing buck weighed on dollar-denominated commodities such as oil.

July crude CLN5, +0.23% settled at $59.72 a barrel, down $1, or 1.7% on the New York Mercantile Exchange. The contract itself, which became the front-month after Tuesday’s close, fell 1.4% for the week, but tracking the most-active contracts, prices edged up by 0.05%—or 3 cents from the most-active June crude close of $59.69 a week ago.

Prices based on the most-active contracts have been climbing since the week ended March 20.

July Brent crude LCON5, -0.02%  on London’s ICE Futures exchange fell $1.17, or 1.8%, to $65.37 a barrel, down 2.1% for the week.

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