WTI settles lower but posts weekly gain

Oil prices settled lower on Friday although WTI held onto weekly gains as recent production outages contributed to ease supply glut concerns.

WTI crude for June delivery traded between $47.44 and $48.79 a barrel before settling at $47.75, down 0.41 or 0.9% on the day. The contract, which expired at the close, gained 3.3% over the week. WTI July contract settled at $48.41, down 26 cents, or 0.5% on the session.