Oil's worst week since November leaves New York futures 9.1pc lower

Oil capped the biggest weekly loss since November after surging US supplies erased three months of gains that followed OPEC's deal to cut output.

Futures tumbled 9.1 per cent this week in New York. For a second day, they closed below the settlement on November 29, the day before OPEC agreed to the curbs. US crude stockpiles have expanded to a record for four straight weeks and output has climbed to the highest level in more than a year, government data showed on Wednesday. Declines accelerated on Friday after a report showed US oil drilling rose for an eighth straight week.

Bloomberg