Oil prices decline on high inventories, weak US stock markets

The three main US stock indexes were headed for a second-straight weekly decline as recent economic indicators suggest a long and difficult recovery from the pandemic

Oil prices fell further on Friday and were on track for a second weekly drop after the US stock markets tumbled and US stockpiles rose unexpectedly.

Brent fell 28 cents, or 0.7 per cent, at $30.78 a barrel by 12:10 GMT, and US crude was down 17 cents, or 0.5 per cent, to $37.13 a barrel.

Both benchmarks were 6 per cent down for the week.

“Financial markets are continuing to set the tone, including on the oil market. The renewed slide on US stock markets dragged oil prices down with it,” Commerzbank analyst Eugen Weinberg said.

The three main US stock indexes were