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Oil Ends Down 1%, Snapping Week-Long OPEC-Fueled Rally

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NEW YORK, Oct 7 (Reuters) - Oil fell about 1 percent on Friday as players took profits on a rally over the past week that propelled prices nearly 15 percent to four-month highs on hopes of OPEC crude output cuts.

Also weighing on the market was the steady rise in U.S. oil drilling as crude trades at or near $50 a barrel. A closely watched report by oil services provider Baker Hughes showed U.S. drillers adding rigs in 14 of the past 15 weeks.

Brent crude settled down 58 cents, or 1.1 percent, at $51.93 a barrel. Earlier in the day, it hit $52.84 cents, three cents short of a one-year high.

http://www.downstreamtoday.com/news/article.aspx?a_id=53818

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