Futures Movers: Oil falls, setting prices up for the largest weekly decline in a month

Oil traded Friday at its lowest level in about three weeks, with prices set to suffer their largest weekly loss in a month as rising U.S. production and President Trump’s withdrawal from the Paris Climate Accord add to concerns of a persistent supply glut.

On the New York Mercantile Exchange, July West Texas Intermediate crude CLN7, -1.18% slid 84 cents, or 1.7%, to $47.52 a barrel, setting it on track for its lowest settlement price since May 9, according to FactSet data. It has lost more than 4.6% for the week, which would be the largest weekly decline since the week ended May 5.

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