Oil prices pressed lower on Friday as a surprise surge in U.S. crude inventories forced a change of direction now lasting three days.
New York-traded West Texas Intermediate crude futures fell 12 cents, or 0.2%, at $61.98 a barrel by 8:03 AM ET (12:03 GMT).
Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded down 22 cents, or 0.3%, to $69.18.
Despite recent profit-taking, oil was still on track to register its fifth straight week of gains, its best stretch since November 2017, in a continuation of the first-quarter rally that saw 2019 rally that saw WTI oil soar more than 30%.
Aggressive production cuts from OPEC and Russian-led allies have convinced traders that the global supply glut was on track to rebalance this year, while U.S. sanctions against Iran and Venezuela, along with power outages, contributed to the reduction in supply.
Source : Investing.com