Oil prices steadied on Friday after touching three-month lows during a week-long selloff fueled by a persistent global supply glut, bringing the monthly decline to nearly 15 percent, the biggest monthly loss in a year for U.S. crude.
Slower economic growth and high inventories of crude and refined oil products have driven Brent and U.S. West Texas Intermediate (WTI) crude futures to bear market territory, 20 percent below their 2016 highs.
The two benchmarks matched April lows on Friday before their most actively traded contracts settled up on what traders said was short-covering by investors taking profit on bearish bets.
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Slower economic growth and high inventories of crude and refined oil products have driven Brent and U.S. West Texas Intermediate (WTI) crude futures to bear market territory, 20 percent below their 2016 highs.
The two benchmarks matched April lows on Friday before their most actively traded contracts settled up on what traders said was short-covering by investors taking profit on bearish bets.
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