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-...

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