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Oil futures settled lower on Friday, pressured by the ongoing glut of crude supplies and data pointing to a lack of significant declines in global output. March West Texas Intermediate crude prices fell 83 cents, or 2.6%, for the session to settle at $30.89 a barrel on the New York Mercantile Exchange. For the week, it lost 8.1%, its first weekly loss in three weeks.

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From:: Stock Market News

Gold futures tipped higher Friday as U.S. stock markets came under selling pressure, nudging investors into the perceived safety of the yellow metal. April gold closed 20 cents, or less than 0.1% higher, at $1,157.70 an ounce. For the week, gold gained 3.7%, marking its best weekly advance since Aug. 21. Gold had been dipping lower for most of Friday’s session after the U.S. employment report, which reignited the expectation for an interest-rate hike in March by the Federal Reserve. Higher rates are a headwind for precious metals, which don’t bear a yield.

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Oil prices seesawed between losses and gains after data from Baker Hughes showed that the number of active U.S. oil-drilling rigs edged down for a seventh week in a row. They fell by 31 to 467 as of Friday. The total active U.S. rig count, which includes natural-gas rigs, was down 48 at 571. Compared to last year, the total U.S. rig count has fallen by 885, with oil rigs down by 673. March crude was at $31.73 a barrel on the New York Mercantile Exchange, up a penny. It was trading lower at $31.42 before the data.

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WASHINGTON (MarketWatch) – The White House proposed $10-a-barrel tax on oil to pay for infrastructure “is not going to be a disruptive factor in terms of the economy” because gas prices should be low for quite some time, President Barack Obama said Friday. In brief remarks in the White House press room, Obama defended the proposal, saying it balances with the federal government’s recent decision to allow oil companies to export petroleum. He said the tax would help wean the economy off dirty fuels. “It is right to do it now when gas prices are really low,” he said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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WASHINGTON (MarketWatch) – President Barack Obama said Friday economic policy must be smart given the headwinds from overseas. In a brief appearance in the White House press room, Obama said his budget to be released on Tuesday will propose to increase spending on education, job training, and investments in clean energy. The president took a few shots at Republican presidential candidates, saying their “doom and despair tour plays in New Hampshire” isn’t helping the economy and that their singular focus on cutting taxes on the wealthy won’t magically make things better.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News