Mubasher: Oil prices went down by the end of Friday’s trade, declining by around 3%, registering its first weekly losses in five weeks.
Nymex futures dropped 2.9% to $49.29 per barrel (pb), losing around $4.6 during the week, recording its worst weekly performance since 10 March 2017.
By 7:40 PM (GMT) Brent crude oil futures also decreased by 2.3% to $55.71 pb.
The retreat in oil prices comes on the back of investors’ worries regarding the tropical storm Nate which can turn into a hurricane hitting the Gulf of Mexico and affecting refineries in the region.
