Oil prices slump, even after sigh of relief on passage of U.S. budget bill

Crude oil prices continued their losses in early Friday trading amid broad-based volatility and mounting concerns of supply-side pressures.


Oil prices have lost all of the ground gained during a rally that extended through most of January. Along with major U.S. stock indices, crude oil prices settled above multi-year highs last month.

Market support came from heightened geopolitical risk, strong economic data and the start of the second year of an effort by the Organization of Petroleum Exporting Countries to balance an oversupplied market with production cuts.
  (UPI)
 9/2/18