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Oil hits three-month lows as downbeat mood persists ahead off festive break

US light crude oil was down 30 cents at $45.28, on course for a decline of 11.0% for the week.

Reuters  |  London 

Oil prices fell to their lowest since the third quarter of 2017 on Friday, heading for losses of 11 percent in a week, as global oversupply kept buyers away from the market ahead of the long festive break. Brent crude fell $1.56 to a low of $52.79 a barrel, its weakest since September 2017, before rallying to trade around $53.35, down 11.5 percent on the week, by 1435 GMT. US light crude oil was down 30 cents at $45.28, on course for a decline of 11.0 percent for the week. Crude has lost ground along with major equity markets as investors fret about the strength of the global ...

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First Published: Fri, December 21 2018. 20:39 IST
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