Oil in Bear Mar­ket as Sup­ply Rises

Iran News - - INTERNATIONAL -

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.

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