Oil falls 1 percent, U.S. crude on longest losing streak since 1984 | Reuters

Oil falls 1 percent, U.S. crude on longest losing streak since 1984 | Reuters:

Oil prices fell nearly 1 percent on Friday as global supply increased and investors worried demand growth could slow, pressuring U.S. crude to its longest stretch of daily declines since 1984.

Crude futures benchmarks have slid about 20 percent or more since peaking in early October.

“What a difference a month makes,” said Michael Tran, commodity strategist at RBC Capital Markets.

“Market sentiment has shifted from the most bullish tone in years with many calling for $100 only weeks ago, to the weakest investor sentiment since the 2016 price trough.”

Benchmark Brent crude LCOc1 futures fell 47 cents, or 0.7 percent, to settle at $70.18 a barrel. During the session Brent fell below $70 a barrel for the first time since April, as much as 20 percent off four-year highs reached in October.