Oil futures settle lower, but gain more than 3% for the week

Oil futures on Friday finished the week with a more than 3% gain, with recent production outages feeding expectations for a decline in the global glut of crude supplies.

Prices for the session, however, settled lower, pressured by news that exports from an eastern port in Libya have resumed and data showing that the weekly U.S. oil-rigs count was unchanged, after eight straight weeks of declines.

The June contract for West Texas Intermediate crude CLM6, -1.24%  fell 41 cents, or 0.9%, to settle at $47.75 a barrel on the New York Mercantile Exchange. The contract, which expired at the settlement, gained 3.3% for the week.

The July contract CLN6, -0.60% which is now the most-active and front-month contract, finished the day at $48.41, down 26 cents, or 0.5%.

July Brent crude LCON6, -0.41% the global oil benchmark, shed 9 cents, or 0.2%, to $48.72 a barrel on London’s ICE Futures exchange, for a weekly gain of about 2%.

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