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U.S. oil pricing continued to struggle Friday ending the week 10% weaker on oversupply concerns and a discouraging demand outlook tied to slower global growth.
West Texas Intermediate crude was down 0.3% on the day to US$33.16 a barrel after hitting as low as $32.10 earlier in the week.
The Brent benchmark was also down US$0.24 at $33.51 a barrel.
China the world’s number-2 consumer has been the major focus in oil’s price slide over recent weeks as significant falls on the Asian giants stock markets coinciding reports of rising inventories in U.S. energy sources.
U.S. gas supplies have recently neen charted to hit some of their highest marks in more than 20 years.
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