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Oil records the biggest weekly loss in three months
11:00 - 20/01/2018
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Information / Baghdad ..
Oil prices fell 1 percent, their biggest weekly loss since October, although earlier this week they reached their highest level in three years as the market worried that growing US crude production would cover continued global supply declines.
Brent crude futures closed down 70 cents, or 1.01 percent, to settle at $ 68.61 a barrel. Global benchmark crude contracts hit Monday their highest level since December 2014.
WTI crude fell 58 cents, or 0.91 percent, to $ 63.37 a barrel. US benchmark crude on Tuesday hit $ 64.89 a barrel, also the highest level since December 2014.
The International Energy Agency (IEA) said on Friday that global oil inventories had fallen sharply, backed by OPEC-led output cuts and demand growth and Venezuela's output fell to its lowest in almost 30 years. Ending / 25
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