Oil prices recorded the biggest drop in almost a month on Friday, which saw the American WTI fall below the $ 60 a barrel level, down from a 13-month high reached yesterday.
U.S. WTI crude futures fell nearly 3% to $ 58.89 a barrel, extending a 1% decline on Thursday.
Brent crude futures fell nearly 2% to $ 62.44 a barrel, down 0.6% in the previous session.
Both benchmark contracts rose to a 13-month high on Thursday due to the closure of oil mills in the states affected by extreme cold weather causing power outages.
However, oil production in Texas is expected to resume after electricity supply is reported to have recovered.
What worries the market is, the lack of demand from the refinery is likely to lead to an increase in crude oil supply in the next few weeks, even though about 3.5 million barrels a day of US oil production was stopped.
Meanwhile, the latest data from the Energy Information Administration (EIA) reports that U.S. crude oil inventories fell by 7.3 million barrels last week, the lowest since March. However, this encouraging data reading failed to attract an increase in oil prices.
