Oil hits multi-month lows as downbeat mood persists
Oil is down 10% for the week as Opec is set to publish details of its country-based output cut quotas
London — Oil prices fell to their lowest since the third quarter of 2017 on Friday, heading for losses of more than 11% in a week, as global over-supply kept buyers away from the market ahead of the long festive break. Brent crude fell $1.56 to a low of $52.79 a barrel, its weakest since September 2017, before rallying to trade about $53.10, down 11.9% on the week, by 1.25pm GMT. US light crude oil was down 60c at $45.28, on course for a decline of 11.6% for the week. Crude has lost ground along with major equity markets as investors fret about the strength of the global economy heading into next year. The prospect of a possible government shutdown in the US, the world’s biggest oil consumer, added to investors’ worries. Falls were exaggerated by thin trade and risk aversion ahead of Christmas and the New Year holidays, traders said.“To say things are a bit negative i) a significant understatement,” said Stephen Innes, head of trading for Asia-Pacific at Oanda. Since reaching multi-...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.