Oil heads for seventh weekly loss as supply glut drags
(Reuters) – Oil prices headed for a seventh straight weekly loss on Friday, with key producers showing no sign of cutting output in the face of a global supply glut.
Global oil benchmarks hit their lowest since 2009 this week and are down more than 50 percent from June levels, with Brentcrude futures LCOc1 extending declines on Friday, dropping 50 cents a barrel to $50.46 by 0427 ET.
U.S. crude futures for February delivery CLc1 were down 12 cents at $48.67 a barrel despite robust U.S. economic data that brightened the outlook for demand.
Brent’s premium to U.S. crude CL-LCO1=R fell near $1.80 a barrel, the narrowest since October as international seaborne oil markets appear to be under even more pressure than the U.S. domestic market.
“It is another negative week and a reflection of the focus on negative arguments,” said Hans Van Cleef, senior energy economist at Dutch bank ABN Amro.
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