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Oil falls to 10-week low, loses 8% in the week

FXStreet (Córdoba) - Oil prices extended the decline into an eight session on Friday and settled below $41.00 a barrel amid lingering concerns over global supply glut and growing bets the Fed will raise rates at its next meeting.

WTI hit a 10-week low at $40.23 a barrel on Friday, before settling around $40.70, the lowest settlement since Aug 26. Crude lost about 2.5% on Friday, and dropped more than 8% in the week.

Oil weighed by mixture of excessive oversupply in the markets and sluggish demand

“The mixture of excessive oversupply in the markets and sluggish demand for WTI oil will continue to repress prices moving forward”, said Lukman Otunuga, analyst at ForexTime. “The OPEC meeting scheduled for December may shed some light on how the organization plans to tackle the global glut, but it remains unlikely that a cut may be implemented this year”.

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