Crude goes down amid glut worries

Crude goes down amid glut worries

On Friday, crude slumped amid worries that Donald Trump's intention to abandon a global climate pact could spur more crude drilling in America, thus driving an ongoing glut in global supply.

Brent crude futures declined 0.45%, being worth $50.4 a barrel.

American West Texas Intermediate crude futures dived 0.54%, hitting $48.1 per barrel.

Commodity markets were digesting reports that America would withdraw from the landmark 2015 global agreement to withstand climate change. The given move fulfilled a key campaign promise , while drawing condemnation from American allies.

Strengthening American production has put a strain on OPEC members' attempts to curb output in order to drain a global crude supply overhang and also to spur oil prices.

The previous week, the Organization of the Petroleum Exporting Countries as well as some non-OPEC members gathered in Vienna to roll over the output drop agreement in order to cut 1.8 million barrels per day until the end of March 2018.

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