Oil down 1 percent on rising U.S. drilling fears, supply glut

Oil down 1 percent on rising U.S. drilling fears, supply glut

Crude closed down more than 1 percent on Friday for a second straight week of losses, on worries that U.S. President Donald Trump’s withdrawal from the Paris climate accord could accelerate U.S. production and flood the global oil market.

Brent crude futures LCOc1 settled at $49.95 per barrel, down 68 cents or 1.3 percent, while U.S. West Texas Intermediate crude CLc1 futures fell 70 cents to settle at $47.66 per barrel or 1.5 percent. Both contracts ended the week down more than 4 percent. Read More…

 

 

 

Credit By: Reuters

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