Crude oil prices fell for the second session in a row, on Friday, to extend their lows overnight, unaffected by the cold wave in Texas, USA.
Brent crude futures ended down $ 1.02, or 1.6 percent, to $ 62.91 a barrel, while US West Texas Intermediate crude fell $ 1.28, or 2.1 percent, to settle at $ 59.24 a barrel.
On a weekly basis, Brent gained about 0.5 percent and West Texas Intermediate was down 0.7 percent.
The two benchmarks rose this week to the highest level in more than a year.
Jim Ritterbusch, president of Ritterbusch and Associates, said, “The price drop of this magnitude appears corrective and comes somewhat within the context of the great acceleration of the price increase this month.”
According to data from Baker Hughes, US energy companies this week reduced the number of operating oil and gas rigs for the first time since November.
Texas refiners have suspended about a fifth of the nation’s oil refining capacity amid power cuts and the harsh cold.
Sources expect companies to prepare to resume production today, with the slow return of electricity and water services.
Oil prices fell despite a sudden drop in US crude inventories last week. The US Energy Information Administration said on Thursday that inventories fell 7.3 million barrels to 461.8 million barrels, their lowest level since March.