Futures Movers: Crude heads for 7th weekly loss, as pressure builds on OPEC to cut output

Crude-oil prices plummeted on Friday, with the contract headed for its seventh-straight weekly fall as investors increasingly focused on a coming OPEC meeting.

January West Texas Intermediate crude CLF9, -6.70% slid $2.48, or 4.6% to $52.13 a barrel. The contract rose nearly 2.3% on Wednesday, after losing 6.6% Tuesday to settle at a more than one-year low of $53.43. For the week so far, WTI is down 7.8%.

Global benchmark January Brent LCOF9, -4.60% slid $1.78, or 2.8%, to $60.84 a barrel, after closing up 1.5% on Wednesday. Its finish at $62.53 Tuesday was the lowest settlement since February.

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