Crude Drops as U.S. Production Continues to Rise

Crude oil prices experienced one of the worst weeks in the past year, dropping nearly 8% in early trade on Friday.  Strong production data reported this week by the Department of Energy, was likely the catalyst for the selloff although the general risk off trade also played a role.  An overleveraged market environment that was betting on continued low volatility was unwound during the week, leading to a…