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 settled at their lowest in over two months 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 — prompting prices to post a loss for the week.

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,