Oil prices fell on Friday, settling lower for the week, as a stronger dollar cut global demand for U.S.-priced commodities and a slide for the stock market sullied the risk-taking mood.
Meanwhile, natural-gas futures took a plunge that left them down nearly 15% for the week — the largest such loss in nearly three years, as weather forecasts dulled prospects for demand.
Oil prices had climbed Thursday as traders contemplated data showing a blip higher in monthly OPEC output even as future cuts loom, as well as a recent report of a weekly decline in U.S. crude supplies and production. Gains picked up late Thursday after a news report said Saudi Arabia plans to cut shipments to U.S. refiners to avoid an expansion of U.S. stockpiles.
On Friday, West Texas Intermediate crude for January delivery fell $1.38, or 2.6%, to settle at $51.20 a barrel on the New York Mercantile Exchange. The contract was down 2.7% for the week.
Global benchmark February Brent crude fell $1.17, or 1.9%, to $60.28 a barrel on ICE Futures Europe, down about 2.3% for the week.
Source : Marketwatch