WASHINGTON (dpa-AFX) - Crude oil futures continued to tumble Friday amid widespread reports that OPEC will start pumping oil at a faster pace.
Speculation has Saudi Arabia and Russia backing out of their supply quota deal in order to take advantage of prices that temporarily rose above $72 a barrel.
Meanwhile, the U.S. weekly active oil-rig count wasup 15 at 859, according to Baker Hughes.
With the spigots turning on everywhere, WTI light sweet oil was plunged $2.83, or 4%, to settle at $67.88/bbl. That's the lowest since May 1. Prices were down 5% for the week, having recently touched a 4-year high.
Consumer sentiment in the U.S. unexpectedly saw a modest deterioration in the month of May, according to revised data released by the University of Michigan on Friday.
The report said the consumer sentiment index for May was downwardly revised to 98.0 from the preliminary reading of 98.8.
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