AMSTERDAM (Reuters) – Oil prices fell on Friday at the end of a week that saw profit-taking and the return of oversupply concerns lead the market lower, snapping a multi-week bull run that was Brent’s longest in 16 months.
Benchmark Brent crude futures LCOc1 were down 26 cents at $56.74 a barrel at 1112 GMT, set for a 1.5 percent loss on the week and snapping a five-week winning streak that was the longest since June 2016.U.S. West Texas Intermediate (WTI) crude CLc1 was at $50.27, down 52 cents. It was set to close the week down nearly 3 percent, the biggest weekly loss in three months.
Russia on Friday clarified remarks on the oil market made by President Vladimir Putin earlier this week, saying he did not propose extending a global oil output cut deal but said he recognized it was a possibility.The prospect of extended oil production cuts by the Organization of the Petroleum Exporting Countries and other producers led by Russia had supported prices in recent sessions.