Futures Movers: Oil futures remain lower as U.S. rig count rises

Oil futures eased in early Asia trading Friday, stabilizing around the low $40-a-barrel mark following this week’s wide swings.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU6, -0.38% fell 34 cents, or 0.8%, to $41.59 a barrel in the Globex electronic session. October Brent crude LCOV6, -0.47% on London’s ICE Futures exchange fell 39 cents, or 0.8%, to $43.90 a barrel.

The decline comes on the heels of a volatile week for the oil market. Prices entered a bear market–marked by a decline of 20% from a recent peak — earlier this week, with the Nymex contract dipping to a three-month low below $40 a barrel.

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