LONDON: Oil prices hit multi-month lows Friday, extending a prolonged losing run caused by a global supply glut.
Excess crude supply is seen as the main driver for a slump in oil price of more than 50 percent since mid-2014.
Brent North Sea crude on Friday hit a six-month low at $48.55 a barrel, while New York prices struck a 4.5-month trough at $43.94.
“Crude oil prices continue to trade under significant pressure owing to ample global supplies and an unimpressive demand outlook,” said Kash Kamal, senior analyst at Sucden Financial Research.
Oil prices slump to new lows
Oil prices slump to new lows
