WASHINGTON (dpa-AFX) - Oil prices fell sharply to a near 2-month low on Friday, weighed down by concerns about the outlook for demand, and recent data showing a jump in crude inventories.
A stronger dollar too contributed to oil's decline.
West Texas Intermediate Crude oil futures for April ended down $2.08 or about 2.9% at $70.40 a barrel. WTI crude futures shed about 0.5% in the week.
Brent crude futures settled lower by $74.43 a barrel, down $2.05 or about 2.7% from previous close. Brent crude futures recorded a 0.4% loss for the week.
Recent data from the Energy Information Administration (EIA) showed crude inventories in the U.S. increased more than expected last week, rising 4.6 million barrels.
The EIA said crude oil inventories shot up by 4.6 million barrels last week after jumping by 4.1 million barrels in the previous week. Economists had expected crude oil inventories to increase by 3.0 million barrels.
Concerns about weak demand from China, and the OPEC+'s decision to gradually retun 2.2 million barrels per day of production cuts from April weighed on oil prices.
A report from Baker Hughes said the oil and gas rigs count rose for a fourth straight week to the highest level in about eight month. The oil and gas rig count, an early indicator of future output, rose by four to 592 in the week to February 21, the report said.
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