Oil prices fell by 1 percent on Friday as a crude and refined product glut weighed on markets and investors eyed a possible stutter in China’s imports, ending a two-day short-covering rally.
U.S. West Texas Intermediate (WTI) crude crude futures were trading at $41.50 per barrel at 0652 GMT, down 43 cents, or over 1 percent, from their last close.
International Brent crude futures were trading at $43.77 per barrel, down 52 cents, or 1.15 percent.
