Oil prices have seen a decline and reached to lowest level in more than a year on Friday (today).
Global oil prices decreased by about 8% after suffering the 7th consecutive weekly loss. However, it is despite the possibility of supply cut as the major oil producers are also looking to decrease the output.
The oil supply is observing a faster growth than demand. However, the Organization of the Petroleum Exporting Countries or OPEC is expected to cut down supply to prevent a build-up of unused fuel such as the one that emerged in 2015.
However, it has done nothing so far to increase oil prices, that are declied more than 20 per cent so far in November, in a seven-week streak of losses. Prices were on course for their biggest one-month decline since late 2014. In addition, the US China trade war also weighed up the global market as it fears over weak demand. Crude production has soared as well this year and Stockpiles of gasoline have surged across Asia.