Futures tumbled as much as 1.7 percent in New York and are poised for the first weekly decline since mid-December after more than a week of technical pressure. U.S. production has rebounded to a near record level, offsetting an extended drop in crude stockpiles, while OPEC has boosted its forecast for rival supply growth a second month after a recovery in prices.
West Texas Intermediate for February delivery lost as much as $1.10 to $62.85 a barrel on the New York Mercantile Exchange, and was at $63.17 at 12:23 p.m. in Hong Kong. Total volume traded was more than double the 100-day average. Prices are down 1.8 percent this week after closing at $64.30 on Jan. 12, the highest settlement since December 2014.
Brent for March settlement lost as much as $1.01, or 1.5 percent, to $68.30 a barrel on the London-based ICE Futures Europe exchange. Prices are down 1.8 percent this week, set for the first weekly drop this year. The global benchmark crude traded at a premium of $5.48 to March WTI.
Source : Bloomberg