Oil prices fall as global supply rises, mitigating concern about Iran
Big oil producers such as Saudi Arabia, Russia and shale producers in the US, have increased output steadily, more than compensating for lost Iranian barrels
London — Oil prices fell to multi-month lows on Friday as global supply increased and investors worried about the impact on fuel demand from of lower economic growth and trade disputes. Benchmark Brent crude oil fell below $70 a barrel for the first time since early April, down more than 18% since reaching four-year highs at the beginning of October. Brent fell 66 US cents to a low of $69.99 a barrel before recovering slightly to trade at about $70.10 by 10.10am GMT, down 3.5% for the week and more than 15% this quarter. US light crude oil was 55c lower at $60.12, down 4.7% this week and off more than 20% since early October, putting it officially in “bear market” territory. “There is no slowing down the bear train,” said Stephen Brennock, analyst at London brokerage PVM Oil. Instead, the energy complex has extended a rout driven by swelling global supplies and a softening demand outlook. Oil peaked in October on concerns that US sanctions on Iran that came into force this week woul...
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