NEW YORK, June 19 (Reuters) - Crude oil fell about 2 percent on Friday, the first decline after three days of gains, as worries over the Greek fiscal crisis, weaker oil products prices and pre-weekend profit taking undercut the market.
Gasoline and diesel's proxy, heating oil, led the oil complex lower, sliding more than 2 percent as concerns about their high refining margins over crude prompted those who had been bullish on such products to close out some positions.
A slowdown in the decline of U.S. oil rigs did not help. Oil services firm Baker Hughes reported an overall drop of four U.S. rigs this week, compared to 7 last week. It also cited new drilling activity in the Permian and Bakken shale basins, a sign that higher crude prices were coaxing producers back to the well pad after a six-month price rout.
Brent crude fell $1.24, or 1.9 percent, to settle down for the first time since Monday at $63.02 a barrel.
U.S. crude slipped 84 cents, or 1.4 percent, to $59.61.
For the week, Brent fell 1.3 percent, and U.S. crude half a percent.
Traders said the decline was mostly on fears about Greece, which teetered on the edge of default.
View Full Article
Copyright 2016 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you