(MENAFN- ProactiveInvestors)
U.S. oil prices were in bear market territory today settling with a weekly loss of more than 5% on the heels of a continuing glut of crude supplies a rise in domestic oil-drilling rigs and China-demand worries.
Oil futures are off about 22% since the US$61-a-barrel highs in June fitting the bill for a bear market.
September West Texas Intermediate crude fell 0.6% to settle at US$48.14 a barrel on Friday on the New York Mercantile Exchange.
WTI oil briefly dropped below the US$48 level after data from Baker Hughes released today showed a sizable weekly increase in the number of active U.S. rigs drilling for oil.
Brent crude the global-oil benchmark fell 1.2% to US$54.62 a barrel on London’s ICE Futures exchange with prices down 4.3% for the week.
Proactive Investors Australia is the market leader in producing news articles and research reports on ASX emerging companies with distribution in Australia UK North America and Hong Kong / China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.