Oil settles below $50, but posts third weekly gain in a row

Oil futures pulled back on Friday and settled lower just below $50 a barrel. However,  WTI gained for the week as traders await OPEC meeting next week.

West Texas Intermediate for July delivery settled at $49.27 a barrel on the New York Mercantile Exchange, down 15 cents, or 0.42%. Over the week, WTI gained 1.9%, posting its third consecutive advance in a row.