Oil prices fell on Friday, extending losses as JP Morgan cut its crude price forecast, after already weakening on concerns about surging U.S. output weighed and falling demand in China.
U.S. West Texas Intermediate (WTI) crude futures ended the session down 21 cents at $65.74. The contract fell slightly on the week, marking its third straight loss over a five-day period.
Brent crude futures were down 87 cents, or 1.1 percent, at $76.45 per barrel at 2:29 p.m. ET, on pace for a slight weekly increase.
"It's all about the JP Morgan report," said Bob Yawger, director of energy futures at Mizuho in New York.
JP Morgan cut its 2018 crude forecast for WTI by $3 to $62.20 a barrel, traders said. The bank did not immediately respond to a request for the report.