US oil futures fell below $60 a barrel on Friday, the lowest level of 2018.
Having erased their gains for the year, West Texas Intermediate futures have dropped almost 10 per cent from a recent high in January, flirting with a correction in market terms.
Early Friday, Nymex March WTI dropped below $60 per barrel, down almost two per cent.
The last time WTI sold for below $60 was December 29.
U.S. West Texas Intermediate (WTI) crude (CLc1) was down 80 cents at $60.35 a barrel, after falling to as low as $60.07, its lowest since December 29.