Oil Market Update

Crude-oil futures on Friday suffered from their first weekly loss in a month as U.S. supplies continue to mount, but natural-gas prices rallied as much of the U.S. experienced below-normal temperatures.

Oil for March delivery CLH5, -2.44%  gave up 82 cents, or 1.6%, to settle at $50.34 barrel on the New York Mercantile Exchange. That was the lowest settlement price since Feb. 11.

The March contract expired at the Nymex close on Friday, and the new front-month contract CLJ5, -2.08%  — April crude — was down $1.02, or 2%, to settle at $50.84 a barrel.

Brent oil for April LCOJ5, -0.18% settled nearly unchanged Friday at $60.22 a barrel on the ICE Futures exchange. For the week, it was 2% lower.