Oil extends decline as oversupply concerns come into focus

摘要

Oil futures settled lower for a fourth straight session Friday as themarket shifted focus to oversupply concerns amid a pause in US-Irantensions.ICE March Brent settled 39 cents lower at $64.98/b, while NYMEXFebruary WTI was 52 cents lower at $59.04/b at market close.Oil prices collapsed this week as the market shed risk premiums inthe wake of softened US rhetoric toward Iran. ICE Brent closed Friday5.7% below its Monday settle, and WTI was down more than 6.6% overthe same period.