Oil futures posted a weekly loss of more than 8% on Friday, pressured by ongoing worries about a global glut of supplies, a lack of significant production cuts and some strength in the U.S. dollar on the heels of the U.S. jobs report. Meanwhile, futures prices for gasoline finished under $1 a gallon for the first time since late 2008. Analysts attributed the drop to a purge of winter blends of the fuel.
March West Texas Intermediate crude shed 83 cents, or 2.6%, to settle at $30.89 a barrel on the New York Mercantile Exchange, pulling back from an earlier high of $32.45. It spent much of the session seesawing between losses and gains after the jobs report. For the week, prices suffered a loss of roughly 8.1%.