Oil prices fell for a sixth day on Friday, and were on track for their biggest weekly loss in 10 months, as record-high U.S. crude output added to concerns about a sharp rise in global supplies.
The drop came amid a rout in global equity markets sparked by inflation fears.[MKTS/GLOB]
Brent futures LCOc1 were down 81 cents at $64 a barrel by 1502 GMT. Earlier in the day, they fell as far as $63.70, the lowest since Dec. 20.
U.S. West Texas Intermediate (WTI) crude CLc1 was down 80 cents at $60.35 a barrel, after falling to as low as $60.07, its lowest since Dec. 29.
Both contracts have fallen more than 9 percent from this year’s high point in late January. Brent was heading for a weekly loss of nearly 7 percent, its biggest since April, while WTI’s weekly decline of nearly 8 percent is the steepest since March.