Oil slumped again on Friday, extending the week’s loss to the largest in eight months, as swelling storage of crude on both land and sea pressured prices.
Brent, the global benchmark for oil, settled down 45 cents at $43.61 a barrel, as the December contract which served as the front-month expired. It lost nearly $4 on the week. U.S. crude finished down $1.01 at $40.74, losing $3.65 on the week.
Oil prices have fallen in seven of the last eight sessions, with losses accelerating after U.S. government data on Thursday affirmed a seventh weekly rise in U.S. crude inventories that took stockpiles near April’s record highs. Adding more pressure to prices, data on Friday showed the first rise in the U.S. oil rig count in 11 weeks.
The International Energy Agency (IEA) said there was a record 3 billion barrels of crude and oil products in tanks worldwide.