Oil prices fell to their lowest since the third quarter of 2017 today, heading for losses of more than 11% in a week. Global oversupply is keeping buyers away from the market ahead of the long festive Christmas break.
Brent crude fell $1.56 to a low of $52.79 a barrel, its weakest since September 2017, before rallying to trade around $53.10, down 11.9% on the week, this afternoon.
US light crude oil CLc1 was down 60 cents at $45.28, on course for a decline of 11.6% for the week. Crude has lost ground along with major equity markets as investors fret about the strength of the global economy heading into next year.