Oil futures settled lower on Friday, but pared much of their earlier losses on growing speculation over a potential output cut among major producers, ahead of the Dec. 6 meeting of the Organization of the Petroleum Exporting Countries. January West Texas Intermediate oil CLF9, -1.42% fell by 52 cents, or 1%, to settle at $50.93 a barrel on the New York Mercantile Exchange after trading at a more than one-year intraday low of $49.65. It rose about 1% for the week, but lost roughly 22% for the month.

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