Oil prices hit one-year low, record weekly losses of 11%

Oil prices fell, on Dec. 9, to reach their lowest level in one year, amid continued concerns about demand for crude.

The oil market suffered from significant fluctuations during the week, amid weak liquidity and mixed forecasts about demand and crude supplies.

US producer prices exceeded forecasts in November, which signals further interest-rate hikes and economic recession worries.

The US drilling rig count declined two units to 625 in the week ended Dec. 9, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

Russia may reduce oil production, in response to a G20 decision to cap Russia's crude prices, said President Vladimir Putin.

Brent crude futures for February delivery fell 0.06%, or $0.05, to $76.10 a barrel, with weekly losses of 11%. Meanwhile, US West Texas Intermediate (WTI) crude futures for January delivery moved down 0.6%, or $0.44, to $71.02 a barrel, with weekly losses of around 11%.