U.S. oil futures declined Friday to settle at their lowest since early March, down nearly 5% for the week.
Rising crude output from key producers, including Saudi Arabia, Russia and the U.S., continued to feed worries about a potential glut in global supplies pressure prices sending prices down for a fifth straight week. Traders look ahead to a meeting this weekend of major oil producers, as speculation of a possible production cut grows.
December West Texas Intermediate oil lost 48 cents, or 0.8%, to settle at $60.19 a barrel on the New York Mercantile Exchange. It lost 4.7% for the week.
Source : Market Watch