Oil in Bear Market as Supply Rises
SINGAPORE (Reuters) - Oil markets stabilized on Friday but remained weak as rising supply and concerns of an economic slowdown pressured prices, with U.S. crude down by around 20 percent since early October.
U.S. West Texas Intermediate crude oil futures were at $65.73 per barrel , 6 cents above their last settlement. WTI is set for a fifth weekly fall, down 4 percent so far this week.
Front-month Brent crude oil futures were at $70.84 a barrel, 19 cents above their last close. Still, Brent is poised for an almost 3 percent drop for the week, its fifth straight week of decline.