WASHINGTON (dpa-AFX) - Crude oil futures plunged Friday, entering correction mode along with U.S. stocks.
Rising U.S. production, new oil fields in Nigeria and Angola, as well as a stronger dollar have dented oil prices badly in the past few weeks.
The Energy Information Administration lifted its forecasts for 2018 and 2019 U.S. crude-oil production earlier this week.
Markets are spooked, but yet another Federal Reserve official said today that the central bank is not worried by stock market fluctuations.
March WTI oil fell $1.95, or 3.2%, to settle at $59.20/bbl, the lowest settlement since Dec. 22. Oil prices dropped 10% this week.
It remains 'important' that the Fed continue 'on its current path of policy normalization, with gradual increases in the target federal-funds rate,' KC Fed President Esther George said during a speech in Wichita, Kan.
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