Oil Prices Drop on Friday as Higher Production Looms

Oil prices fell for a sixth day on Friday, and were on track for their biggest weekly loss in 10 months, as record-high U.S. crude output added to concerns about a sharp rise in global supplies.

The drop came amid a rout in global equity markets sparked by inflation fears.[MKTS/GLOB]

Brent futures LCOc1 were down 81 cents at $64 a barrel by 1502 GMT. Earlier in the day, they fell as far as $63.70, the lowest since Dec. 20.


West Texas Intermediate graph

U.S. West Texas Intermediate (WTI) crude CLc1 was down 80 cents at $60.35 a barrel, after falling to as low as $60.07, its lowest since Dec. 29.

Both contracts have fallen more than 9 percent from this year’s high point in late January. Brent was heading for a weekly loss of nearly 7 percent, its biggest since April, while WTI’s weekly decline of nearly 8 percent is the steepest since March.

via Reuters