Oil Futures Fall Further as Equities Keep Sliding

02/09/18 12:02 AM EST
   By Biman Mukherji 
 

--Oil futures fell further in Asian trading Friday in the wake of fresh selling in U.S. and Asian equities following crude's Thursday settlement.

--March light, sweet crude on the New York Mercantile Exchange was recently down 1% at $60.53 a barrel in the Globex trading session. April Brent fell 0.7% to $64.38.

--Oil futures saw fresh selling late Thursday as U.S. stocks fell sharply into the end of trading, putting benchmarks into correction territory. The crude market has been under pressure since the start of last week, falling in seven of nine sessions, as U.S. oil production has hit record highs and further growth is predicted.

--But at least some of the recent declines is also season, says RBC. That as refineries undergo seasonal maintenance, curbing near-term oil demand.

 

Write to Biman Mukherji at biman.mukherji@wsj.com

 

(END) Dow Jones Newswires

February 09, 2018 00:02 ET (05:02 GMT)

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