Futures Movers: U.S. oil slips to hold below $60, but heads for another weekly gain

Oil futures dropped for back-to-back sessions on Friday, with the U.S. contract now at risk of ending the week below the key $60 mark despite hitting the best levels of 2019 earlier this week.

The early-week rally followed data showing an unexpectedly large drop in U.S. supply and a shift away from interest-rate tightening at the Federal Reserve, which lifted stocks and could bode well for oil demand.

West Texas Intermediate crude for May delivery CLK9, -1.32% on the New York Mercantile Exchange fell 74 cents, or 1.2%, at $59.21 a barrel. It is clinging to a 0.6% weekly gain.

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