Crude oil prices suffered a week-long decline due to persistent global oil glut.
After slightly climbing in Asian trade Friday morning, crude
oil prices crashed once more as it extended sharp losses in the prior session.
Investors reevaluated US data highlighting the petroleum oversupply, and Iraqi
crude exports are progressively increasing.
Energy Aspects wrote in a note, “There is so much oil in
storage that it will take months to truly feel the erosion of the overhang.”
Brent crude on the ICE Futures Exchange in London tumbled
0.3% to $46.07 a barrel, ending 2.1% lower in the preceding session. For this
week, Brent had a decline of over 3%.
Meanwhile, US West Texas Intermediate (WTI) sank 0.6% to
$44.50 a barrel, finishing lower 2.2% in the previous session. For this week,
US oil prices fell 3.8%.
Earlier in the session, a weaker greenback lent support to
prices which pushed crude into positive figures. The dollar index fell against
its rival currencies on Friday, making dollar-branded commodities cheaper for
other currency holders.
