Economic news

Oil prices wobble on rising supply

Oil hovered on Friday following another week of declines, with markets remained sluggish as growing supply and worries over economy hurt prices, with U.S. WTI futures down by almost 20 percent since early October.

Photo: Reuters

U.S. sweet, light crude oil futures slipped 6 cents to $65.61 a barrel. WTI is poised for a fifth weekly drop, losing 4 percent so far this week.

Brent crude oil futures for December delivery added 9 cents to $70.74 per barrel. Still, it is on track for nearly 3 percent fall for the week, its fifth consecutive week of losses.

Analysts said the bearish sentiment came due to growing supply, despite the U.S. sanctions against Iran that were imposed this week, as well as worries over a slowdown in the global economy.

The decline in crude prices over the past weeks follows a surge between August and October when prices jumped ahead of the re-introduction of sanctions against Tehran’s oil exports on Nov. 5.

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