Oil ends the week at lowest level so far in 2018
Global supply, led by the US, is growing quicker than demand and to ward off a build-up of unused fuel, Opec is expected to start withholding output soon
London — Oil prices fell on Friday to their lowest in 2018, on course for their biggest one-month decline since late 2014 when Opec opted to pump as much crude as it could to gain market share and sent prices on a near-unbroken two-year slide. Global supply, led by the US, is growing more quickly than demand and to ward off a build-up of unused fuel such as the one that emerged in 2015, Opec is expected to start withholding output after a meeting planned for December 6. But this has done little so far to prop up the price. The value of a barrel of oil has dropped 17 % so far in November, in a seven-week streak of losses. Brent crude oil futures fell 80 US cents on the day to $61.89 a barrel by 9.47am GMT, having hit a session low of $61.52, while US West Texas Intermediate (WTI) crude futures lost $1.04 to trade at $53.23 a barrel. "The question is now how much longer bears are able to keep firing. Are they going to run out of ammunition shortly or they have ample supply of bullets?...
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