Oil futures dropped below $101 a barrel on Friday to mark a fourth weekly loss and their lowest close in two months, as worries continued to fade over near-term threats to Iraqi oil production and Libyan production came back online. West Texas intermediate crude for August delivery fell $2.10, or 2%, to settle at $100.83 on the New York Mercantile Exchange, a day after breaking a nine-day losing streak. Based on the most-active contracts, prices hadn’t closed below $101 since May 12. They ended roughly 3.1% lower for the week.
The International Energy Agency on Friday said Iraqi production fell by 260,000 barrels a day in the past month after violence in the north of the country, but increased supply from Saudi Arabia, Iran, Nigeria and Angola offset the decline to leave OPEC production broadly steady at 30 million barrels a day in June.