The prospect of a possible government shutdown in the United States, the world's biggest oil consumer, has added to investors' worries.Oil markets have pulled back amid concerns about oversupply, despite planned production cuts by the Organization of the Petroleum Exporting Countries. light crude oil settled down 29 cents at $45.59 a barrel, after earlier touching a session low of $45.13 a barrel.Both contracts fell more than 11 percent in the week. "The bear fest continues," said Stephen Brennock, analyst at London brokerage PVM Oil. "According to OPEC's own forecasts, global oil stocks will build by 500,000 bpd in the first half of 2019. energy companies added oil rigs for the first time in the past three weeks, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.Drillers added 10 oil rigs in the week to Dec. 21, bringing the total count to 883. .

Source: The Star December 21, 2018 20:15 UTC