U.S. oil prices were in bear market territory Friday, settling with a weekly loss of more than 5% on the heels of a continuing glut of crude supplies, a rise in domestic oil-drilling rigs and China-demand worries.Oil futures are off about 22% since their $61-a-barrel highs in June, fitting the bill for a bear market.
September West Texas Intermediate crude CLU5, -0.99% fell 31 cents, or 0.6%, to settle at $48.14 a barrel on the New York Mercantile Exchange. Based on the most-active contracts, prices lost 5.4% for the week, down four weeks in a row. The September contract itself fell about 6% from its close last Friday.
WTI oil briefly dropped below the $48 level after data from Baker Hughes Inc. BHI, -1.01% released Friday showed a sizable weekly increase in the number of active U.S. rigs drilling for oil.
Brent crude LCOU5, -1.14% the global-oil benchmark, fell 65 cents, or 1.2%, to $54.62 a barrel on London’s ICE Futures exchange, with prices down 4.3% for the week.
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