Oil prices fall as oversupply looms amid global market woes

TOKYO (Reuters) – Oil prices fell on Friday and were heading for a third weekly loss, as Saudi Arabia warned of oversupply amid a slump in global equities and trade that clouds the outlook for fuel demand. Brent crude futures LCOc1 were down 49 cents, or 0.6 percent, at $76.40 a barrel by 0649 GMT. The global benchmark is on course for a weekly loss of over 4 percent. U.S. crude CLc1 was down 59 cents, or 0.9 percent, at $66.74. The U.S. benchmark is set for a 3.5 percent loss this week. “The near $10 per barrel drop in Brent crude seen over October is a spillover from the global sell-off in equities,” Fitch Solutions said in a note. Stock price plunges have roiled oil markets this week as Wall Street had its biggest daily decline since 2011, wiping out all of this year’s previous gains. This has also impacted energy firms, with the Australian energy index .AXEJ, which tracks the country’s main oil and gas firms, down 10 percent this week in what is the biggest fall in three years. Financial markets have been hit hard by a range of worries, including the U.S.-China trade war, a rout… continue reading

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