Oil turns lower before the close but clings to weekly gains

Oil futures turned negative minutes before the close, but still held onto weekly gains amid hopes major oil producers will agree on a plan to reduce output and stabilize prices.

West Texas Intermediate crude futures fell 0.9%, to settle at $32.78 a barrel on the New York Mercantile Exchange (Nymex).

April contract had reached a peak above $34 a barrel earlier on the session but reversed gains ahead of Friday’s close. Still WTI closed the week with a gain of 3.4%.