Brent Falls Below $90, Nears Four Year Low

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.