LONDON: Oil prices eased on Friday at the end of a week in which they hit multi-month lows, extending a prolonged losing run caused by a global supply glut.
US benchmark West Texas Intermediate (WTI) for delivery in September dipped three cents to $44.63 a barrel compared with Thursday's close.
Brent North Sea crude for September shed 30 cents to stand at $49.22 a barrel in London afternoon deals.
A glut of crude oil supply is seen as the main driver for a sharp decline in oil prices that has seen crude slump by more than 50 percent from mid-2014 levels.
Brent on Thursday hit a six-month low at $48.88 a barrel, when WTI struck a 4.5-month trough at $44.20.
"Crude oil prices continue to trade under significant pressure owing to ample global supplies and an unimpressive demand outlook," Kash Kamal, senior analyst at Sucden Financial Research, said on Friday.
Comments
Comments are closed for this article.