2019.03.0805:13:00UTC+00Oil Dips On Growth Worries

Oil prices fell on Friday, with global growth concerns and surging U.S. supply keeping investors worried.

Global benchmark Brent crude fell as much as 1.5 percent to $65.31 per barrel, while U.S. West Texas Intermediate (WTI) crude oil futures were down 1.4 percent at $55.88 per barrel.

Investors remained concerned over the global economy, a day after the European Central Bank cut its 2019 eurozone growth forecast and ramped up its stimulus program, citing wider macro challenges.

Adding to the downbeat sentiment, official data showed China's exports tumbled the most in three years in February and imports fell for a third straight month.

Chinese exports plummeted 20.7 percent in February from a year earlier, reflecting weaker demand and distortions from the Lunar New Year holiday.

That was far below expectations for a 4.8 percent drop. Imports fell 5.2 percent after a 1.5 percent fall in January.

Surging U.S. supply amid a slowdown in global growth is also unsettling markets.

Data released by the Energy Information Administration on Wednesday showed crude stockpiles in the U.S. were up by 7.07 million barrels in the week to March 1. That was up almost six times the expected increase.