WASHINGTON (dpa-AFX) - Crude oil futures plunged Friday amid growing evidence that surging U.S. production has prevented OPEC's supply quota plan from eating away at the global supply glut.
Later today, markets expect industry data from Baker Hughes to show the U.S. rig count rose for the umpteenth week in a row.
Analysts say OPEC, which was expected to extend its supply quota plan into the second half of the year, may instead take an 'every man for himself' as struggling members are desperate to retain market share.
June WTI oil was down $1.09, or 2.2%, to settle at $49.62/bbl, the lowest since late March. The June contract, which kicked in as front-month contract yesterday, was down 7.4% for the week.
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