Oil prices fell to multi-month lows on Friday as global supply increased and investors worried about the impact on fuel demand from of lower economic growth and trade disputes.
Benchmark Brent crude oil fell to its lowest since early April, down more than 18 percent since reaching four-year highs at the beginning of October. Brent was 15 cents a barrel lower at $70.50 by 0925 GMT, down more than 3 percent for the week and more than 14 percent this quarter.
U.S. light crude oil was 25 cents lower at $60.42, down 4.3 percent this week and off more than 20 percent since early October, putting it officially in bear-market territory.
“There is no slowing down the bear train,” said Stephen Brennock, analyst at London brokerage PVM Oil. “Instead, the energy complex has extended a rout driven by swelling global supplies and a softening demand outlook. Read More
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