Crude futures fell about 3 percent on Friday after Wall Street's most influential voice in oil trading, Goldman Sachs, slashed its price outlook through next year, citing oversupply and concerns over China's economy.
Crude oil prices fell more than 2% on Friday after Goldman Sachs cut its crude forecasts, citing global oversupply and concerns over the Chinese economy, and after Saudi Arabia dismissed the idea of an oil producer summit.
Oil prices fell sharply on Tuesday after official data showed China's manufacturing sector, one of the main engines powering the world's biggest energy consumer, contracted at its fastest pace in three years
Oil prices jumped more than 4.5 %on Thursday after a rally in equity markets and an unexpected fall in U.S. crude inventories, but worries over the Chinese economy and a global oil glut kept the outlook uncertain.
U.S. crude oil prices fell to almost $40 a barrel on Thursday, their lowest since the global financial crisis of 2009, as supplies rose in North America and the Middle East, filling stockpiles to record levels.