London — Brent oil tumbled below $50 on Friday, heading for a second consecutive week of losses, on concern that US President Donald Trump’s decision to abandon a climate pact could spark more crude drilling in the US, worsening a global glut. Benchmark Brent crude futures were trading at $49.67 a barrel at 8.49am GMT, down 96c from the previous close. US West Texas Intermediate (WTI) crude futures fell 95c to $47.41 a barrel. Both contracts were on track for weekly losses of close to 5%. The US withdrawal from the landmark 2015 global agreement to fight climate change drew condemnation from Washington’s allies — and sparked fear that US oil production could expand even more rapidly. "This could lead to a drilling free-for-all in the US and also see other signatories waver in their commitments," said Jeffrey Halley, senior market analyst at futures brokerage Oanda. He added that the move could complicate the market outlook in a way that "would not be favourable to oil prices". US cr...
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