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Futures Movers: Oil prices end higher, but lose nearly 6% for the quarter

Oil futures settled higher Friday, with U.S. prices holding ground at a more than three-week high, but still logging a loss of almost 6% for the first quarter.

Traders questioned the sustainability of the OPEC-led production cut agreement and prospects for U.S. output growth.

West Texas Intermediate crude futures gained roughly 5% in the previous three sessions after prices last week hit their lowest levels since before the pact between the Organization of the Petroleum Exporting Countries and other heavyweight producers such as Russia.

May WTI crude CLK7, +0.99% rose 25 cents, or 0.5%, to settle at a more than three-week high of $50.60 a barrel on the New York Mercantile Exchange.

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