Crude Oil Down 3% This Week As OPEC Doubts Linger
WASHINGTON (dpa-AFX) - Crude oil futures fell Friday, posting a weekly decline amid lingering doubts that OPEC will curb supplies.
While Saudi Arabia is said to have implemented quotas, Libya and Iraq are among the OPEC members that are reportedly resisting the output reductions.
WTI light sweet crude oil was down 64 cents, or 1.2%, to end at $52.37/bbl. Prices were down 3 percent for the biggest weekly decline in two months.
Data from Baker Hughes Friday revealed that the number of active U.S. rigs drilling for oil fell by 7 to 522 rigs this week. The count had risen ten weeks in a row.
However, the number of gas rigs rose for a twelfth week in a row.
In economic news today, U.S. retail sales were up 0.6 percent in December.
Economists had expected retail sales to advance by 0.7 percent compared to the 0.1 percent uptick originally reported for the previous month.
U.S. producer price growth came in line with economist estimates.
The Labor Department said its producer price index for final demand rose by 0.3 percent in December after climbing by 0.4 percent in November.
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