US oil records the biggest loss in 34 years[/rtl]
[rtl]Editorial Date: 2018/11/9 23:58 • 395 times read[/rtl]
International oil prices fell about one percent on Friday as global supply surged and investors feared oil demand would slow, with US crude hitting the longest daily loss since 1984.
Brent crude <LCOc1> fell $ 70 a barrel for the first time since early April, and has fallen nearly 20 percent since hitting a four-year high in early October.
Brent crude fell 47 cents, or 0.7 percent, to settle at $ 70.18 a barrel. Crude fell about 3.6 percent over the week and more than 15 percent this quarter.
US West Texas Intermediate crude futures fell for the 10th day in a row, the longest losing streak since July 1984, according to the data.
US crude fell 48 cents, or 0.8 percent, to finish at $ 60.19 a barrel after falling below $ 60 a barrel to an eight-month low.
US crude futures were $ 59.26 an ounce, down $ 1.14 and less than 22 per cent below the peak in October.