With investors worried about the oil supply glut coupled with a rise in active U.S. oil rigs, crude oil futures lost ground on Friday, according to Bloomberg MarketWatch.
Marking its lowest settlement since May 9, September West Texas Intermediate crude fell by 56 cents, or 1.3%, to settle at $44.19 a barrel on the New York Mercantile Exchange. WTI sank almost 3.8% for the week.
On the London ICE Futures Exchange, September Brent crude, the global benchmark, shed 51 cents, or 1.1%, to settle at $45.69 a barrel. For the week, September Brent crude lost about 4%.
Baker Hughes issued its report on Friday which revealed a significant jump in the number of active U.S. oil rigs by 15.
Meanwhile, pressure continues to mount over fears of growing crude oil inventories.
On the New York Mercantile Exchange, August natural gas increased by 8.5 cents, or 3.2%, to settle at $2.777 per million British thermal units. For the week, natural gas finished almost 0.8% higher.