Oil Ends Under $50 As Signs Of Rising U.S. Output Cast Doubts Over OPEC-cut Extension

Oil prices ended sharply lower on Friday, settling below $50 a barrel for the first time this month and losing more than 7% for the week. Signs of further gains in U.S. crude output, including data from Baker Hughes showing a 14th straight weekly rise in active U.S. oil rigs, helped to cast some doubt that other major oil producers will stick to their pledge to curb production. June WTI crude dropped $1.09, or 2.2%, to settle at $49.62 a barrel on the New York Mercantile Exchange. Prices for the June contract lost 7.4% or the week.