U.S. crude ends lower, posts 7th straight weekly loss

Oil Well - Photo by Ryan Lackey

Oil prices headed for a seventh straight weekly loss, and Brent fell below $49 a barrel on Friday, as key producers show no sign of cutting output in the face of a supply glut.

Global oil benchmarks hit their lowest since 2009 this week and are less than half their June levels, with Brent crude futures dropping $2.06 a barrel to $48.90 shortly before 11:30 a.m. ET. The contract lost almost 11 percent this week.

U.S. crude futures for February delivery settled 43 cents lower, at $48.36 a barrel, posting its seventh straight weekly loss.

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