Oil prices down 20 percent in a month as fundamentals weaken

November 9, 2018

By Henning Gloystein

SINGAPORE (Reuters) – Oil markets stabilized on Friday but remained weak as rising supply and concerns of an economic slowdown pressured prices, with U.S. crudedown by around 20 percent since early October.

U.S. West Texas Intermediate (WTI) crude oil futures were at $65.73 per barrel at 0629 GMT, 6 cents above their last settlement. WTI is set for a fifth weekly fall, down 4 percent so far this week.

Front-month Brent crude oil futures (LCOc1) were at $70.84 a barrel, 19 cents above their last close. Still, Brent is poised for an almost 3 percent drop for the week, its fifth straight week of decline.

Both Brent and WTI have fallen by around 20 percent from the four-year highs they reached in early October.