WTI adds 4 percent on week

Oil prices dropped a bit on Friday but West Texas Intermediate crude was up more than 5 percent over the week. Despite the recent price increases, there are indications that OPEC will cut production further when it meets later this month in Nigeria. Brent crude January contracts were 27 cents lower by late afternoon in London to $63.62 per barrel, while WTI was down 45 cents to $62.68 in early afternoon trade on the New York Mercantile Exchange.