Oil settles below $50, but posts third weekly gain in a row

Ani Salama FXStreet

Oil futures pulled back on Friday and settled lower just below $50 a barrel. However, WTI gained for the week as traders await OPEC meeting next week.

West Texas Intermediate for July delivery settled at $49.27 a barrel on the New York Mercantile Exchange, down 15 cents, or 0.42%. Over the week, WTI gained 1.9%, posting its third consecutive advance in a row.

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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