Crude drops more than 11 percent in week as supply weighs | Reuters

Crude drops more than 11 percent in week as supply weighs | Reuters:

Oil prices fell on Friday to their lowest since the third quarter of 2017, heading for losses of more than 11 percent in a week, as global oversupply kept buyers away from the market ahead of holidays over the next two weeks.

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 United States, the world’s biggest oil consumer, has added to investors’ worries.

Oil markets have pulled back amid concerns about oversupply, despite planned production cuts by the Organization of the Petroleum Exporting Countries.