Oil Limps to Worst Week in Almost Three Years as Glut Fears Grow
- Saudi minister: production above 10.7 million barrels a day
- Brent capped seventh weekly loss; WTI edges closer to $50
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Oil notched its biggest weekly loss since the depths of the last price crash, as record Saudi output, pressure from U.S. President Donald Trump and a global stock sell-off intensified crude’s freefall.
Futures slid below $60 in London on Friday and ended the week down about 12 percent, the worst showing since January 2016. Traders focused on the growing risks of a new glut of crude after Saudi Arabia’s oil minister said Thursday that production from the world’s largest exporter had climbed further this month.