Brent oil falls below $70
Oil prices fell to multi-month lows on Friday as global supply increased and investors worried about the impact on fuel demand of lower economic growth and trade disputes.
Benchmark Brent crude fell below $70 a barrel for the first time since early April, down more than 18 per cent since reaching four-year highs at the beginning of October.
Brent dropped $1.52 to a low of $69.13 before recovering to around $69.85 by 1320 GMT, down more than 4 per cent for the week and approaching 16 per cent this quarter.
US light crude fell to an eight-month low below $60 a barrel, hitting a trough of $59.28, down $1.39 and off more than 20 per cent since early October. That puts the US contract officially in “bear market” territory, borrowing a definition commonly used in stock markets.
“Oil prices are being hit by the double whammy of rising supplies and demand concerns,” Interfax Europe analyst Abhishek Kumar said.