Crude oil futures

Crude oil futures inched lower on Friday, as investors nervously eyed developments in Greece’s debt talks ahead of a looming repayment deadline.

Greece is due to repay €1.6 billion to the International Monetary Fund on June 30 but without a rescue package in place it is unclear if the payment can be met. If Greece misses the payment it risks going into default, which could trigger the country’s exit from the euro area.

Late on Friday, Greek Prime Minister Alexis Tsipras said the Greek government rejected the latest reform measures proposed by the country's creditors and instead called a surprise referendum for July 5.

European finance ministers refused to extend Greece’s bailout beyond June 30, despite Greek requests to extend the program until after the referendum, deepening doubt over Greece’s future in the euro zone.

On the New York Mercantile Exchange, crude oil for delivery in August slumped 7 cents, or 0.12%, to end the week at $59.63 a barrel. Nymex prices hit a session low of $58.76 earlier, the weakest level since June 9.

U.S. oil futures pared losses after industry research group Baker Hughes (NYSE:BHI) said late Friday that the number of rigs drilling for oil in the U.S. fell by three last week to 628. The drop marks the 29th straight week of declines.

On the week, New York-traded oil futures declined 12 cents, or 0.57%, the second straight weekly loss, as worries over high domestic U.S. oil production, despite a declining rig count, weighed.

U.S. oil production has held around 9.6 million barrels a day in recent weeks, the highest level since the early 1970s.

Elsewhere, on the ICE Futures Exchange in London, Brent for August delivery hit a session low of $62.50, the weakest level since June 22, before closing at $63.26, up 6 cents, or 0.09%. For the week, London-traded Brent futures tacked on 69 cents, or 0.38%.

Meanwhile, the spread between the Brent and the WTI crude contracts stood at $3.63 a barrel by close of trade on Friday, compared to $3.05 in the preceding week.
                                                                                  - Investing.com