Oil Caps Third Weekly Loss as U.S. Stockpiles Sustain Glut
- WTI dropped below $40 this week for first time since August
- Brent climbed as Draghi hints at more monetary easing by ECB
Oil and Gas Outlook: What's Ahead in 2016?
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Oil capped a third weekly decline in New York on signs a global glut will be prolonged as U.S. stockpiles see their longest run of gains in seven months.
West Texas Intermediate oil fell 0.9 percent this week. U.S. crude stockpiles rose an eighth week, leaving supplies more than 100 million barrels above the five-year average for this time of year, government data showed Wednesday. Brent futures climbed in London after European Central Bank President Mario Draghi hinted at additional stimulus.