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Oil in Biggest Weekly Drop Since January
Energy

Oil in Biggest Weekly Drop Since January

Crude oil prices closed down on Friday, with benchmark Brent losing its most in a week since January, as a resurgent dollar and fear of a US rate hike diverted attention from the shrinking number of rigs drilling for oil in the United States.
Worries about the security of Libyan and Iraqi crude supplies, which had put a floor beneath the market in early trade, also took a backseat, Reuters reported.
Benchmark Brent oil settled down 75 cents, or 1.2 percent, at $59.73 a barrel. It fell 4 percent on the week, its sharpest decline since the week ended Jan. 9. US crude settled down $1.15, or 2.3 percent, at $49.61 a barrel. It posted a slight loss on the week, for a third straight week of declines.

 

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