Despite Weekly Gains, WTI and Brent Crude Slide on Friday

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Oil futures fell on Friday despite a fourth consecutive week of gains as traders, according to Bloomberg MarketWatch.

On the New York Mercantile Exchange, November West Texas Intermediate crude lost 9 cents, or 0.2%, to settle at $50.35 a barrel. For the week, prices rose 1.1%, after posting gains in each of the last three weeks.

On the London ICE Futures Exchange, December Brent crude, the global benchmark, fell 8 cents, or 0.2%, to end trading at $51.95 a barrel. For the week, Brent crude ended higher by less than 0.1%.

On Monday, WTI prices rose 3.1%—the biggest one-day gain since OPEC announced in late September that it had a preliminary plan to cut production.

OPEC is expected to complete details of the proposed production cut at its next official meeting in Vienna, Austria on November 30.

Meanwhile, November natural gas fell 5.6 cents, or 1.7%, to end trading at $3.285 per million British thermal units on the New York Mercantile Exchange, after rallying by 4.1% a day earlier to settle at a near 22-month high. For the week, it ended about 2.9% higher.

 

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