Oil loses sight of $50 level

AFP, LONDON: Global oil prices dropped over the week, losing sight of the key $50 dollar level, as worries about a supply glut and weak economic growth took oil to two-month lows.
Oil enjoyed a modest recovery on Friday as bargain-hunters swooped in after prices tanked the previous day in response to US commercial inventories falling by less than expected, indicating softer demand in the world's top oil-consuming economy.

A surprisingly strong jobs report from the US strongly lifted stock markets, but gave oil only a modest boost.

Oil loses sight of $50 level

AFP, LONDON: Global oil prices dropped over the week, losing sight of the key $50 dollar level, as worries about a supply glut and weak economic growth took oil to two-month lows. Oil enjoyed a modest recovery on Friday as bargain-hunters swooped in after prices tanked the previous day in response to US commercial inventories falling by less than expected, indicating softer demand in the worlds top oil-consuming economy. A surprisingly strong jobs report from the US strongly lifted stock markets, but gave oil only a modest boost.