Oil prices fall more than 1% at settlement

New York: Oil prices declined sharply at the close of trading on Friday, with both Brent and West Texas Intermediate (WTI) futures ending the day down more than 1 percent.

Brent crude futures dropped 99 cents, or 1.5 percent, to settle at $65.85 per barrel.

WTI crude futures fell $1.16, or 1.8 percent, closing at $62.80 per barrel.

Over the past week, WTI declined by 1.7 percent, while Brent posted a weekly loss of 1.1 percent.