Oil prices settle lower Friday, but notch weekly gains

NEW YORK, Aug. 12 (Xinhua) -- Oil prices dropped on Friday, but managed to post gains for the week.

The West Texas Intermediate for September delivery lost 2.25 U.S. dollars, or 2.4 percent, to settle at 92.09 dollars a barrel on the New York Mercantile Exchange. Brent crude for October delivery decreased 1.45 dollars, or 1.5 percent, to close at 98.15 dollars a barrel on the London ICE Futures Exchange.

Energy services firm Baker Hughes reported Friday that the number of U.S. oil rigs, an early indicator of future output, rose by 3 to 601 this week.

For the week, the U.S. crude standard climbed 3.5 percent, while Brent advanced 3.4 percent, based on the front-month contracts.