Oil Futures Suffers Biggest Weekly Loss Of The Year

By Myra P. SaefongMarketWatch Pulse

Oil futures settled lower on Friday for a sixth straight session, suffering a drop of roughly 11% for the week--their worst weekly drop of this year. "As inventories continue to swell into 2016, there will still be a lot of oil weighing on the market," the International Energy Agency said in a monthly report issued Friday. Prices have fallen every day since the Organization of the Petroleum Countries said a week ago that it will continue to produce oil at current levels. January crude settled at $35.62 a barrel, down $1.14, or 3.1%.

Copyright © 2015 MarketWatch, Inc.

Continue Reading Below