Rusted out “pump-jacks” in the oil town of Luling, Texas.
Crude oil prices fell on Friday, pressured by concerns over the outlook for global economic growth.
U.S. West Texas Intermediate (WTI) crude futures were down 1.1% at $56.71 per barrel by 0042 GMT.
Front-month Brent crude futures were down 0.1% at $63.23 per barrel, after closing down 0.8% on Thursday.
“Concerns over weaker demand outweighed the supply issues,” ANZ Bank said in a research note.
“Weak economic data earlier in the week set the scene for the bearish outlook.”
New orders for U.S. factory goods fell for a second straight month in May, government data showed on Wednesday, stoking economic concerns.
The U.S. Energy Information Administration on Wednesday reported a weekly decline of 1.1 million barrels in crude stocks, much smaller than the 5 million barrel draw reported by the American Petroleum Institute earlier in the week.
That suggests oil demand in the United States,…