Oil prices see biggest weekly fall in over a month

New York

OIL prices tumbled more than 2 per cent on Friday, notching the biggest weekly decline in more than a month on mounting evidence that US production and inventory growth were offsetting Opec's (Organization of the Petroleum Exporting Countries) attempts to reduce the global crude glut.

Brent futures settled at US$51.96 a barrel, down US$1.03, or 2 per cent at the market's close. US crude futures ended at US$49.62 a barrel, down 2.2 per cent, or US$1.09.