Oil prices fall as focus switches to oversupply


Oil prices fall as focus switches to oversupply

Oil prices eased on Friday and were heading for a third weekly loss after Saudi Arabia’s OPEC governor said the market could be heading into oversupply, as growth concerns took a hit with a slump in global equities this week.

Brent crude futures were down 45 cents, or 0.6 percent, at $76.44 a barrel by 0140 GMT. The global benchmark is heading for a weekly loss of 4.2 percent.

U.S. crude was down 56 cents, or 0.8 percent, at $66.77 a barrel. The U.S. benchmark is heading for a 3.4 percent loss this week. Saudi Arabia’s OPEC governor said on Thursday the oil market could face oversupply in the fourth quarter.

“The market in the fourth quarter could be shifting towards an oversupply situation as evidenced by rising inventories over the past few weeks,” Adeeb Al-Aama told Reuters. Read More

Leave a Reply

Your email address will not be published.