Oil prices fell Friday as traders weighed the near-term oversupply of crude against expectations of lower production around the world. Light, sweet crude for April delivery settled down 29 cents, or 0.9%, at $32.78 a barrel on the New York Mercantile Exchange, after hitting a one-month intraday high earlier in the session. Brent, the global benchmark, fell 19 cents, or 0.5%, to $35.10 a barrel on ICE Futures Europe, after hitting the highest intraday level since early January. Both contracts gained on the week: The U.S. benchmark rose 3.2% and Brent rose 6.3%. An oversupply of crude oil due to robust production in the U.S., Saudi Arabia, Russia and elsewhere has kept oil prices near 12-year lows in recent months. Despite plunging prices in the past year and a half, U.S. output has declined slowly as companies cut costs and improved drilling efficiency. Some of the decline in […]