Oil finishes lower, but musters second straight weekly gain

Oil futures finished with a loss on Friday, but scored their second weekly gain in a row.

Prices during the session cut their losses following data showing a weekly decline in the number of active U.S. oil-drilling rigs. Oil’s moves came as monthly U.S. jobs data offered a mixed picture of the labor market, but perhaps did little to directly influence the Federal Reserve’s decision on interest rates.

The jobs report was “not weak enough to dampen expectations for an interest-rate hike later this month,” said Matt Smith, a commodity analyst at ClipperData.

October West Texas Intermediate crude CLV5, -0.83%  fell 70 cents, or 1.5%, to settle at $46.05 a barrel on the New York Mercantile Exchange after touching an intraday low of $45.71. For the week, however, prices rose 1.8%.

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