Oil prices fall as focus switches to oversupply
Friday, 26 October 2018 09:19 WIB | ENERGY |Minyak WTIMinyak jenis BrentCadangan Minyak Mentah AS

Oil prices eased on Friday and were heading for a third weekly loss after Saudi Arabia's OPEC governor said the market could be heading into oversupply, as growth concerns took a hit with a slump in global equities this week.

Brent crude futures were down 45 cents, or 0.6 percent, at $76.44 a barrel by 0140 GMT. The global benchmark is heading for a weekly loss of 4.2 percent.

U.S. crude was down 56 cents, or 0.8 percent, at $66.77 a barrel. The U.S. benchmark is heading for a 3.4 percent loss this week.

Saudi Arabia's OPEC governor said on Thursday the oil market could face oversupply in the fourth quarter.

Reuters

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