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 declined on Friday with expectations for a supply surplus next year, strength in the U.S. dollar, and continued worries over demand from China — the world’s largest crude importer — setting prices up to post a loss for the week.

Oil prices fell on Friday as investors weighed signs demand in top crude importer China continues to underperform amid the country's uneven economic recovery and expectations of fewer Federal Reserve rate cuts.