Oil futures fell on Friday after marking three weeks of gains, according to Bloomberg MarketWatch.
July West Texas Intermediate crude slid 55 cents, or 1.1%, to end trade on the New York Mercantile Exchange at $48.62 a barrel.
August Brent crude, the global benchmark, tumbled 40 cents, or 0.8%, settling at $49.64 a barrel on the London ICE Futures Exchange.
Two recent developments factored into the retreat of oil futures for the week. At the OPEC meeting in Vienna on Thursday, major crude producers could not agree on placing an output restriction. The Baker-Hughes rig report issued on Friday also revealed an increase in the number of active U.S. oil rigs.
Meanwhile, July natural gas fell less than a penny to settle at $2.398 per million British thermal units on the New York Mercantile Exchange.
