Crude oil futures were on pace Friday for loss for the week, as a supply gut and a strong dollar depresses the market. U.S. crude oil is down more than 2% this week, while Brent has shed nearly 2%. West Texas Intermediate December contract: $68.56 per barrel, down 14 cents, or 0.2%. Year to date, U.S. crude oil has shed about 4%.

Oil futures finished higher for a third consecutive session on Thursday, but prices remained lower for the week on the back of strength in the U.S. dollar and the latest forecast from the International Energy Agency anticipating a glut in crude supplies next year.

Oil prices slipped on Friday and were bound for a weekly loss as investors digested waning Chinese demand and a possible slowing of the U.S. Federal Reserve's interest rate cut path. Brent crude futures dropped 71 cents,