Tokyo — Oil prices fell on Friday and were heading for a third weekly loss. They were pulled down as Saudi Arabia’s Opec governor said the market may become oversupplied soon, and after a slump in global equities clouded the outlook for demand. Brent crude futures were down 51c or 0.7% at $76.38 a barrel by 3.31am GMT. The global benchmark is on course for a weekly loss of more than 4%. US crude was down 64c or 1% at $66.68 a barrel. The US benchmark is set for a 3.5% loss this week. “Bearish sentiment could force a re-test of support in the low $70 range,” Fitch Solutions said in a note on Friday. Saudi Arabia’s Opec governor said on Thursday that the oil market could face oversupply in the current 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. Saudi Arabian energy minister Khalid al-Falih said there could be a need for intervention to reduce oil st...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now