Oil reaches seventh weekly lows due to surplus in supply

Source: Reuters
© Reuters/RS
On Friday, Oil prices slides for seventh week's decline, since major producers is not going to curb the output despite the excess of global supply. Therefore, Brent and US Crude futures reached their deeps since 2009 and declined more than 50% from June. Meanwhile, Brent crude advanced 9 cents to $51.05 per barrel while US crude added 29 cents traded at $49.08.
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