U.S. oil suffers biggest weekly fall since May

U.S. oil suffers biggest weekly fall since May

Oil futures ended sharply lower Friday, as worries over potential oversupply were augmented by fears the spread of the coronavirus could undercut demand for crude. West Texas Intermediate crude March delivery fell $1.40, or 2.5%, to end at $54.19 a barrel on the New York Mercantile Exchange, after hitting the lowest level for a most active contract since late October. The U.S. benchmark saw a 7.5% weekly drop, its biggest such fall since a nearly 9% drop in the week ending May 31, according to FactSet.

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