KONTAN.CO.ID - LONDON. Oil prices fell in volatile trade on Friday, reversing earlier gains of more than $1 a barrel, as banking sector fears set crude on course for its biggest weekly decline in months. Brent crude futures fell by 76 cents, or 1.02%, to $73.94 a barrel by 1322 GMT. U.S. West Texas Intermediate crude was down 52 cents, or 0.76%, at $67.83. Both benchmarks hit more than one-year lows this week. Brent was on track for its biggest weekly fall since December at more than 10%, while WTI was heading towards a loss of more than 11%, its biggest since last April.
Oil Gains Reverse on Banking Sector Fragility
KONTAN.CO.ID - LONDON. Oil prices fell in volatile trade on Friday, reversing earlier gains of more than $1 a barrel, as banking sector fears set crude on course for its biggest weekly decline in months. Brent crude futures fell by 76 cents, or 1.02%, to $73.94 a barrel by 1322 GMT. U.S. West Texas Intermediate crude was down 52 cents, or 0.76%, at $67.83. Both benchmarks hit more than one-year lows this week. Brent was on track for its biggest weekly fall since December at more than 10%, while WTI was heading towards a loss of more than 11%, its biggest since last April.