YEREVAN, February 1. /ARKA/. Crude-oil futures fell Friday, tallying a loss for the month, on the back of steep declines for global equities and ongoing worries about oil demand from emerging markets.
Natural gas suffered a second-straight session decline, but held onto a big monthly gain.
Crude oil for March delivery CLH4 -0.82% lost 74 cents, or 0.8%, to settle at $97.49 a barrel on the New York Mercantile Exchange, erasing an 87-cent rise seen on Thursday. Futures prices were up around 0.9% for the week, according to FactSet data tracking the most-active contracts. For the month, prices lost roughly 0.9%.
Oil appeared to take a cue from stocks, with Europe under pressure and U.S. stocks trading sharply lower as of Friday afternoon. The S&P 500 SPX -0.65% was headed for the worst January drop since 2010.
Emerging markets are hurting the demand for crude and an increase in the supply, which was included in the U.S. inventory data released this week, is also dragging on the price of crude, said Naeem Aslam, chief market analyst at AvaTrade. –0--