Mubasher: Oil futures settled lower on Friday, levelling up for the week.

April Nymex WTI slipped $0.09, or 0.2%, to close at $58.52 per barrel, adding 4.4% in a week.

The International Energy Agency (IEA) expected that the oil market could see a production surplus in the first quarter of this year turning into a modest deficit in the second quarter.