Oil Prices fall in Friday trade after reductions at refineries along Gulf of Mexico

Oil prices fall on Friday, in part to ongoing reductions at refineries along the Gulf of Mexico following Hurricane Laura.

According to the details, oil prices slid nearly 2% on the last day of the business week.

Brent futures fell 73 cents, or 1.8%, to settle at $40.06 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 75 cents, or 2.0%, to settle at $37.30.

The U.S. Energy Information Administration (EIA) said crude inventories rose 2.0 million barrels last week.

Brent and WTI futures dropped to their lowest since mid-June earlier this week and have remained in the oversold territory over the past several days.

Brent’s Relative Strength Index (RSI) was under 30 for a fifth straight day for the first time since March.