Oil Market Update

Oil futures fell Friday, extending losses to a seventh week in a row.

Light, sweet crude for delivery in February CLG5, -1.19%  lost 43 cents, or 0.9%, to settle at $48.36 a barrel on the New York Mercantile Exchange.

Nymex crude had settled higher for the two past trading sessions. On the week, it lost 8.2%. The seven-week string of losses is the longest since a matching streak in November.

Brent crude for February delivery LCOG5, -1.98% the European benchmark, lost 85 cents, or 1.7%, to settle at $50.11 a barrel. Brent lost 11% this week, also down for seven consecutive weeks.

Palladium Market Update

Elsewhere in metals trading, palladium for March PAH5, +1.31%  delivery rose $7.05 to $800.15 an ounce, while April platinum PLJ5, +0.86%  gained $7.10 to $1,230.10 an ounce. 

High-grade copper for March delivery HGH5, -0.36%  fell a penny to $2.75 a pound.

Gold Market Update

Gold prices rebounded on Friday from two days of losses after data showed continued job creation in the U.S., finishing 2.5% stronger on the week.

Gold for February delivery GCG5, +1.23%  rose $7.60, or 0.6%, to settle at $1,216.10 an ounce, while March silver SIH5, +0.82% climbed 3 cents to $16.42.