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Crude oil futures settled lower on Friday as a decline in the U.S. stock market and ongoing debt woes in Greece fed concerns about energy demand.
But prices still leapt 7.9% for the week as traders looked for more signs of a potential slowdown in U.S. production.
May crude finished down 1.7% on Friday to US$55.74 a barrel on the New York Mercantile Exchange session.
U.S. crude inventories continue to climb with the government data recently showing a 14th straight weekly increase but many in the market remain optimistic that recent declines in the number of U.S. rigs actively drilling for oil will soon lead to a sizable fall in the nation’s production.
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