Oil futures decline, with U.S. prices back below $60 a barrel

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Oil futures settled lower on Friday, with U.S. prices back below $60 a barrel and ending the week lower. Traders looked toward the expected recovery in crude production following shutdowns caused by winter storms in Texas. Meanwhile, the oil market awaits the outcome of a meeting of the Organization of the Petroleum Exporting Countries and its allies in early March, where they may consider an increase in production. March West Texas Intermediate crude
CLH21,
-2.58%
fell $1.28, or 2.1%, to settle at $59.24 a barrel on the New York Mercantile Exchange. That was down from the week-ago settlement of $59.47. Prices on Wednesday had settled t $61.14, the highest since Jan. 7. The March contract expires at the end of Monday’s session.

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