Oil’s 8% weekly drop largest since March

Oil futures tumbled on Friday, capping a brutal string of sharp drops for crude that resulted in prices seeing their worst weekly decline in about eight months.

December West Texas Intermediate crude CLZ5, +0.81%  dropped $1.01, or 2.4%, to settle at $40.74 a barrel on the New York Mercantile Exchange—for a weekly loss of about 8%. That was the largest weekly loss since the 9.6% decline for the week ended March 13.

On its contract expiration day, December Brent crude UK:LCOZ5 fell 45 cents, or 1%, to end at $43.61 a barrel on London’s ICE Futures exchange, with the contract losing 8.1% on the week. January Brent crude LCOF6, +1.10% which is now the front-month contract, fell 72 cents, or 1.6%, to $44.47.

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