Oil drops by over 1 percent as economic outlook weakens, U.S. supply surges | Reuters

Oil drops by over 1 percent as economic outlook weakens, U.S. supply surges | Reuters:

Oil prices dropped by more than one percent on Friday as clouds gathered over the global economy after the European Central Bank (ECB) warned of continued weakness and fresh data showed Chinese exports and imports slumped last month.

With surging U.S. supply also unsettling markets, international benchmark Brent crude futures were at $65.42 per barrel at 0803 GMT, down 88 cents, or 1.3 percent from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $56.03 per barrel, down 63 cents, or 1.1 percent.