NEW YORK: Oil prices fell more than one per cent on Friday, with US crude on track for its longest losing streak since 1984 as global supply increased and investors worried about the impact of lower economic growth and trade disputes on fuel demand.

Benchmark Brent crude fell below $70 a barrel for the first time since early April, and was down nearly 20 per cent since reaching four-year highs at the beginning of October.

Brent crude futures fell 53 cents to $70.12 a barrel, a 0.8pc loss. It was down about 3.7pc for the week and more than 15pc this quarter.

US West Texas Intermediate crude futures were on track for the 10th straight day of declines, the longest such streak since July 1984, according to Refinitiv data.

WTI crude futures fell 48 cents to $60.19 a barrel, a 0.8pc loss by 1624 GMT, after dropping under $60 a barrel to its lowest in eight months.

The US crude contract had hit a low of $59.26, down $1.41 and off more than 20pc since its peak in October.

Published in Dawn, November 10th, 2018