Oil prices were mixed on Friday after a three-day rally ran out of steam, teeing up the oil market's worst-performing quarter since 2015 as investors fret that growing U.S. supplies are undermining OPEC-led production cuts.
The first quarter has seen prices locked within a range as traders have searched for signals that the Organization of the Petroleum Exporting Countries' production cuts are rebalancing the market.
Brent crude futures have made some of the biggest losses across global asset classes this quarter. In March, the contracts posted the biggest monthly losses since July as growing U.S. crude inventories and drilling activity counterbalanced production cuts elsewhere in the world.
On Friday, Brent futures were down 22 cents at $52.74 a barrel by 2:40 p.m. ET (1840 GMT). The contracts have lost about 7 percent since the previous quarter, the worst quarterly losses since late 2015.
U.S. crude futures settled 25 cents, or half a percent, higher at $50.60 a barrel on the day, but ended the quarter 5.8 percent lower.