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Oil prices fell on Friday. as fears of a supply glut continues.
The weekly report by Baker Hughes showed that active oil rigs in the United States recorded its biggest increase in six weeks.
Nymex futures for February delivery declined by 29 cents. or 0.6%. to settle at the level of $45.59 per barrel. falling to its lowest level since July 2017. and registering an 11.4% weekly loss.
Meanwhile. Brent futures decreased by 53 cents. or 1%. to end the week at $53.82 a barrel. recording losses of 10.7%. after falling to its lowest level since September 2017.
