Oil down 8%, post seventh-straight weekly loss

Oil futures fell Friday, extending losses to a seventh week in a row.

Light, sweet crude for delivery in February CLG5, -1.19%  lost 43 cents, or 0.9%, to settle at $48.36 a barrel on the New York Mercantile Exchange.

Nymex crude had settled higher for the two past trading sessions. On the week, it lost 8.2%. The seven-week string of losses is the longest since a matching streak in November.

Brent crude for February delivery LCOG5, -1.98% the European benchmark, lost 85 cents, or 1.7%, to settle at $50.11 a barrel. Brent lost 11% this week, also down for seven consecutive weeks.