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Low oil prices as global supply rises

Low oil prices as global supply rises

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Oil prices fell by about 1% when global supply rose and investors feared that oil demand would decline. American crude oil recorded the longest daily loss since 1984.

Brent crude oil fell $ 70 per barrel for the first time since the beginning of April, and dropped almost 20% since the beginning of October, reaching a peak of four years.

Brent crude oil fell by 47 cents, or 0.7 percent, to a price of $ 70.18 per barrel. Crude oil fell about 3.6% in the course of the week and more than 15% this quarter.

US West Texas Intermediate rough futures fell for the 10th day in a row, the longest losing streak since July 1984, according to Reventiv data.

US crude oil fell by 48 cents or 0.8 percent and came to $ 60.19 a barrel after dropping below $ 60 a barrel to a low of eight months.

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Source: Harmony newspaper

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