Oil skids on concerns of rising surplus in Q1

Oil prices slid more than 1% on Friday on concerns that a global supply surplus could swell in the first quarter following a coordinated release of crude reserves among major consumers, led by the United States.

Brent crude futures extended declines for a third session, falling 96 cents, or 1.2%, to $81.26 a barrel by 0130 GMT. US West Texas Intermediate (WTI) crude was down $1.35, or 1.7%, at $77.04 a barrel.