Oil prices fell 1 percent on Friday, their biggest weekly loss since October, although earlier this week they reached their highest level in three years as the market worried that growing US crude production would cover a continuing decline Global supplies.
Brent crude futures closed 70 cents lower, or 1.01 percent, at $ 68.61 a barrel. Global benchmark crude contracts hit their highest level since December 2014.
WTI crude fell 58 cents, or 0.91 percent, to $ 63.37 a barrel. US benchmark crude on Tuesday hit $ 64.89 a barrel, also the highest level since December 2014.
The two record highs both end the week at a loss of about 2 percent.
The International Energy Agency (IEA) said on Friday that global oil inventories had fallen sharply, supported by OPEC-led output cuts and demand growth and Venezuela’s output fell to its lowest in almost 30 years.
But warned that a rapid increase in oil production in the United States could threaten the balance of the market.
