Oil prices fall to 17 month low despite Saudi Arabia suggested cuts

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Oil prices decreased and reached to the lowest value since the 3rd quarter of 2017 on Friday (yesterday).

Oil prices fall to the lowest price of 17 months since July 2017. However, it is also heading for the losses of over 11% in the week. In addition, global oversupply also enforced buyers to remain the distance from the market.

Brent crude fell $1.56 to a low of $52.79 a barrel, its weakest since September 2017, preceding energizing to exchange around $53.10, down 11.9% on the week. US light crude oil was down 60 cents at $45.28, on course for a decay of 11.6% for the week.

Crude oil has lost ground alongside significant value showcases as financial specialists worry about the quality of the worldwide economy heading into one year from now. The possibility of a conceivable government shutdown in the United States, the world’s greatest oil buyer, added to financial specialists’ stresses.

According to traders, Falls were overstated by thin exchange and hazard avoidance in front of Christmas and the New Year celebrations.

Crude oil indices have lost in excess of 33% of their incentive in their steepest crumple for a long time since coming to multi-year highs toward the start of October.

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