Oil Futures Gain More Than 3% For The Week

Oil futures on Friday scored a more than 3% gain for the week with production outages in Africa and Canada expected to help ease the glut of crude supplies. Prices for the session, however, settled lower following news that exports from an eastern port in Libya were set to resume and data showing that the weekly number of active U.S. oil rigs was unchanged. June WTI crude settled at $47.75 a barrel on the New York Mercantile Exchange, down 41 cents, or 0.9% for the session. The June contract, which expired at the settlement, gained 3.3% for the week.