Crude oil fell about 2 percent on Friday, the first decline after three days of gains, as worries over the Greek fiscal crisis, weaker oil products prices and pre-weekend profit taking undercut the market Reuters reported, 19 June 2015
Gasoline and diesel’s proxy, heating oil, led the oil complex lower, sliding more than 2 percent as concerns about their high refining margins over crude prompted those who had been bullish on such products to close out some positions.
A slowdown in the decline of U.S. oil rigs did not help. Oil services firm Baker Hughes reported an overall drop of four U.S. rigs this week, compared to 7 last week. It also cited new drilling activity in the Permian and Bakken shale basins, a sign that higher crude prices were coaxing producers back to the well pad after a six-month price rout.
Brent crude fell $1.24, or 1.9 percent, to settle down for the first time since Monday at $63.02 a barrel.
U.S. crude slipped 84 cents, or 1.4 percent, to $59.61.
For the week, Brent fell 1.3 percent, and U.S. crude half a percent.
Traders said the decline was mostly on fears about Greece, which teetered on the edge of default.
Euro zone leaders will hold an emergency summit on Monday to try and throw a lifeline to Athens.