Oil prices are falling sharply

Oil prices fell from their initial gains on Friday, falling more than 2 percent, hit by negative US manufacturing activity data that fueled concerns about global energy demand growth.
The Institute of Supply Management's index of manufacturing activity in February fell to its lowest level since November 2016, and came below expectations.

US benchmark West Texas Intermediate crude fell $ 1.46 to $ 55.76 a barrel at 17:40 GMT, having earlier recorded a high of $ 57.88.

 Brent crude fell $ 1.58 to $ 64.73 a barrel after hitting a session high of $ 67.14.

US crude is heading for a 2.7% loss, while Brent is expected to drop 3.6%.