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Commodity Market Tips; Oil Slips Nearly 1 Percent On Concerns Over Rising U.S. Output
Oil prices fell about 1% on Friday as worries about rising U.S. supplies outweighed OPEC pledges to boost compliance with output curbs. But crude prices were on track for a weekly rise as traders have begun to pull out barrels from pricey storage, with physical markets showing signs of tightening. U.S. drillers added oil rigs for a sixth consecutive week, extending a nine-month recovery, energy services firm Baker Hughes Inc said.
Prices were also pressured by book squaring ahead of the weekend and upcoming Feb. 28 expirations in Brent futures for April delivery, heating oil for March delivery, and March RBOB gasoline, analysts and traders said. Brent crude oil settled down 59 cents, or 1.04%, at $55.99 a barrel, while U.S. West Texas Intermediate ended the session 46 cents lower at $53.99 a barrel. However, both benchmarks notched a weekly gain of about 1.1%.