Oil futures West Texas Intermediate fell sharply on Friday after data showed that the number of drilling rigs in the United States fell last week, underscoring concerns about the abundance of supplies.
On the New York Mercantile Exchange, delivered April crude oil fell 1.02 cents, or equivalent to 1.97% on Friday to close the week at $ 50.81 for Lounsh.
According to industry research group company Abecr Hughes said Friday that the number of oil drilling rigs in the United States fell by 37 in just the past week, the smallest weekly decline this year, compared with a decline of 84 rigs in the previous week.
The number of oil drilling rigs in the United States 1,019 last week, the lowest level since August / Gustus 2011. The number of oil rigs dropped in 16 of 19 recent weeks since hitting record 1,609 by the middle of October .
On the previous day, NYMEX oil fell 99 cents, or 1.87%, to close at $ 51.83 a barrel, after data showed that oil supplies in the United States rose to the highest level on record in the past week.
The total crude oil inventories in the United States at 425.6 million barrels, the highest price since August / August 1982.
For the week, oil futures traded in New York fell 2.69 cents, or equivalent to 5.33%, the first weekly loss in four weeks.
Elsewhere, in I futures exchange in London, Brent oil rose in April delivery rose 1%, or 0.02%, on Friday to close at the end of the week at $ 60.22 a barrel at the close of trade.
Futures for Brent oil fell by 1.27 cents, or equivalent to 2.11% in the week, after gains for three consecutive weeks.
Despite the loss weekly, Brent oil in London rose by 11% in February, where some investors are betting on has been reached for the lowest price after the decline in over seven months.
However, prices have remained, down by 47% since June when the June contract rose near US $ 116 a barrel.
The total difference between the Brent crude oil contracts for West Texas Intermediate to $ 9.41 a barrel at the close of trade on Friday, compared with $ 8.47 a barrel the previous week.
Oil prices have fallen sharply in recent months, when the Organization of Petroleum Exporting Countries has rejected calls to cut production, while the United States has pumped at the fastest pace in more than three decades, and which led to the creation of abundant global supplies.
At the same time, market sentiment received some support, after being approved by the euro zone finance ministers to reach an agreement to extend the rescue plan amounting to 240 billion euros for a period of 4 months late on Friday.
There in front of Athens has until Monday to make a list of reforms to be approved by creditors in the country in order to secure the extension of the rescue package for four months, which will give more time to reach a permanent agreement with its creditors.
Greece faces the risk of default and exit from the single currency area if you do not get a deadline extension before the deadline on February 28 / February
During this week will be on Tuesday, president of the Federal Reserve Janet Yellen to make its report before the Banking Committee in the Senate will also be monitoring their statements closely for any indication about to start raising interest rates in the United States.
With traders watching Monday's deadline for a deal to rescue Greece.