U.S. oil futures fall for the session, lose more than 2% for the week

Oil futures declined on Friday to tally a loss of more than 2% for the week. Prices had started the week moving higher after Saudi Arabia said it would cut output by an additional 1 million barrels per day in July. However, “traders faded the move,” as the Saudi cut would only remove one-third of a single day’s worth of global oil production over the course of July, said Tyler Richey, co-editor at Sevens Report Research. That will “not meaningfully impact supply and demand dynamics.” July West Texas Intermediate crude
CLN23,
-1.33%
fell $1.12, or 1.6%, to settle at $70.17 a barrel on the New York Mercantile Exchange. For the week, prices based on the front-month contract fell 2.2%.