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Futures Movers: Oil prices drop, aim for first weekly loss in a month

Oil futures fell on Friday, with U.S. prices dropping below $50 a barrel and ready to post their first weekly loss in a month, as recent figures suggest further growth in U.S. crude production.

Traders also looked for clues from members of the Organization of the Petroleum Exporting Countries as to whether the group will extend its product-cut deal into the second half of the year.

June West Texas Intermediate crude CLM7, -2.76% fell by $1.07, or 2.1%, at $49.64 a barrel on the New York Mercantile Exchange. A settlement around this level would be the lowest since March 29, according to FactSet data.

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