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2014-11-01 12:50:00

OIL PRICES TRENDS

OIL PRICES TRENDS

Brent crude capped a sixth weekly loss, the longest losing streak since 2002, as OPEC boosted production to a 14-month high amid a global surplus. West Texas Intermediate posted the biggest monthly drop in more than two years.

Brent fell 9.3 percent this month, the biggest monthly decline since May 2012. U.S. crude production climbed to the highest level in at least three decades last week. Traders are split on whether Saudi Arabia will deepen the crude price cuts that propelled oil into a bear market this month.

"Fears of a supply glut and slow economic conditions continue to weigh on the market," said Gene…

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Tags: OIL, PRICES, BRENT, WTI
Chronicle:
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