Oil Market Update

Crude-oil futures fell Friday, erasing earlier gains, and pushing down prices for the week for the fifth straight time.

New York Mercantile Exchange-traded February crude CLG5, -1.25%  settled $1.11, or 2%, lower at $54.73 a barrel, its second-lowest settlement of the year, after one hit last week. It fell 4.2% over the week, its fifth consecutive weekly drop, and has plunged more than 28% in that time, the biggest such drop in six years.