Oil prices were on track for sharp weekly declines on Friday as surging U.S. out...
LONDON - Oil prices were on track for sharp weekly declines on Friday as surging U.S. output countered production losses in sanctions-hit Iran and Venezuela.
U.S. West Texas Intermediate crude futures were down 41 cents at $61.40, poised for a second straight weekly decline. Exports of U.S. crude broke through 3 million bpd for the first time this year, according to data from the Energy Information Administration. The world’s top crude exporter is expected to produce about 10 million bpd in May, slightly higher than April but still below its 10.3 million bpd quota under the OPEC-led deal, industry sources said.
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