Oil prices dropped for a second day and were on track for a second weekly drop after US stock markets plummeted and US stockpiles increased surprisingly.
Brent was low by 0.3%, at $39.94 a barrel by 0841 GMT, after dropping almost 2% on Thursday , while US crude fell 0.1%, to $37.27 a barrel, having dropped 2% in the previous session. Both benchmarks were 6% low for the week.
Analyst Eugen Weinberg from Commerzbank stated that Financial markets are keeping up with setting the tone, on the oil market as well. The restored slide on US stock markets pulled oil prices down with it.