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Alliance News

Crude Oil Plunges 4.6% This Week

Fri, 6th Oct 2017 20:54

WASHINGTON (Alliance News) - Crude oil futures tumbled Friday, logging the worst weeky performance in more than a month despite industry data showing a surprise drop in the US rig count.

WTI light sweet crude oil fell USD1.50, or 3%, to USD49.29 a barrel, for a weekly loss of 4.6%.

Baker Hughes said the US rig count fell last week. Analysts say the rig count will likely fall further in anticipation of another hurricane approaching the Gulf of Mexico.

Copyright RTT News/dpa-AFX

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