U.S. oil futures fall almost 16% in January

Oil futures settled lower on Friday, with U.S. prices down nearly 16% for the month of January. That was the biggest monthly percentage decline since May of last year. Concerns over a slowdown in the global economy and demand for oil kept pressure on prices for the commodity. March West Texas Intermediate oil fell 58 cents, or 1.1%, to settle at $51.56 barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since Aug. 7, according to FactSet data. Prices lost 4.85% for the week and 15.6% for the month.

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