Oil prices turned lower on Friday

International benchmarks for oil prices turned south on Friday (26 Feb) in spike of a release of US growth economic data for the fourth quarter, which read 1.0% annual rate – much higher than initial expectation. Oil service provider Baker Hughes also reported on Friday that the number of oilrig count in the US has further drop by 13 in the week to 400, in which many analyst believed that US oil production will continue to decline. However, market is loosing hope that OPEC and other major oil producers would be able to finalise a fix for global excess in supply in the near term.

WTI closed at   $32.78/b (-$0.29)
Brent closed at $35.10/b (-$0.19)

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