Oil slid 2.7 percent on Friday to $71 a barrel in record daily trading volumes for the front month crude contract, which extended losses in the biggest three-day percentage loss since September.
U.S. crude oil for March delivery settled down $1.95 at a seven-week low of $71.19 per barrel, after earlier hitting a session low of $69.50. U.S. crude on Thursday closed down 5 percent. Friday's session, in which trading volume hit a record of 540,000 positions, ended the fourth week in a row of oil price declines as demand concerns in the United States, the world's top oil consumer, pressured prices.
Full Story: Oil hits 7-week low in record volume trade - Reuters South Africa
U.S. crude oil for March delivery settled down $1.95 at a seven-week low of $71.19 per barrel, after earlier hitting a session low of $69.50. U.S. crude on Thursday closed down 5 percent. Friday's session, in which trading volume hit a record of 540,000 positions, ended the fourth week in a row of oil price declines as demand concerns in the United States, the world's top oil consumer, pressured prices.
Full Story: Oil hits 7-week low in record volume trade - Reuters South Africa
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