Oil Prices Fall Over 1% To Hit Multi-month Lows
Oil prices fell more than 1 percent on Friday to extend recent losses amid signs of rising global supply and concerns over economic slowdown in the face of a worsening U.S.-China trade war.
Global benchmark Brent crude oil fell by 83 cents or 1.17 percent to $69.82 a barrel, while U.S. light crude futures were down 1.24 percent at $59.92 a barrel.
Brent crude prices fell over 14 percent this quarter, while U.S. light crude oil futures slumped more than 20 percent since early October to enter a bear market.
U.S. sanctions have failed so far to shut down Iranian oil exports after Washington granted waivers to eight buyers of Iranian crude.
At the same time, other big oil producers, such as Saudi Arabia, Russia and shale producers in the United States, have increased output steadily, raising concerns about excess supply.
Traders also remained concerned that an economic slowdown may curb fuel demand growth.
China’s producer price inflation slowed for the fourth month in October on cooling domestic demand, suggesting that economic momentum in the world’s second-largest economy is softening in the face of simmering trade frictions with the United States.
Source: Read Full Article