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Brent crude oil features fell below $90 a barrel on Friday, approaching a four-year low, with rising supply taking a toll.
Brent crude oil features fell below $90 a barrel on Friday, approaching a four-year low, with rising supply taking a toll.
According to Reuters:
Brent crude for November delivery was down 60 cents at $89.45 a barrel by 0957 GMT (0557 EDT), after falling earlier to $88.11 – its lowest since December 2010.
Brent has fallen nearly 24 percent since hitting this year’s high of $115.71 in June, and is in line for a third straight week of losses, as growing supply from Libya and the United States has met softer economic data from Europe and Asia.
Carsten Fritsch, a commodities analysts at Commerzbank, said:
It’s panic mode. Panic and capitulation. We are now in uncharted territory, so anything could happen.