Oil slides towards steep weekly loss as supply fears mount

Oil slides towards steep weekly loss as supply fears mount

LONDON – Oil prices fell for a sixth day on Friday, and were on track for their biggest weekly losses 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 30 cents at $64.51 a barrel by 0925 GMT. On Thursday, Brent fell 1.1 percent to its lowest close since Dec. 20.

U.S. West Texas Intermediate (WTI) crude CLc1 was down 42 cents at $60.73 a barrel, having settled down 1 percent in the previous session, its lowest close since Jan. 2.

Reuters