Oil remains weak amid concern about rising supply
Brent slips as concern about an economic slowdown weighs on sentiment
Singapore — Oil markets on Friday remained weak as rising supply and concerns of an economic slowdown pressured prices, with US crude now down by about 20% since early October. US West Texas Intermediate (WTI) crude oil futures were at $65.60 a barrel at 5.09am GMT, down 4c, or 0.1% from their last settlement. WTI is set to fall for a fifth week, down 4.1% so far this week. Front-month Brent crude oil futures were at $70.69 a barrel, 4c above their last close. Brent is set for a 2.9% drop for the week, its fifth consecutive week of declines. Both Brent and WTI have declined by about 20% from the four-year highs they reached in early October. “Oil prices continue to decline and are now officially in a bear market, having declined 20% from their [October] peak,” said William O'Loughlin, investment analyst at Australia’s Rivkin Securities. Reuters technical commodity analyst Wang Tao said on Friday that “Brent oil may slide further into a range of $68.59-$69.69 per barrel”. That would ...
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