Brent recorded the sharpest weekly decline for the year
Oil prices fell to their lowest levels in seven years on Friday after the International Energy Agency predicts that global oversupply will continue next year, writes Investing.com.
A day earlier, OPEC said that it took account in November, the biggest yield in three years – 31,695,000 barrels.
On London’s ICE futures exchange Brent crude oil for delivery in January fell 1.80 dollars (4.53 percent) to 37.93 dollars per barrel. Earlier in the day Brent touched 37.36 dollars – a value that was last reached in December 2008. The weekly drop is 5.07 dollars, or 11.79 percent, which is the sharpest weekly decline for the year. Brent is about to depreciate by 33% in 2015
Exchange of New York Mercantile Exchange (Nymex) on Friday, US light crude oil WTI fell $ 1.14 (3.1%) and closed the week at a level of 35.62 dollars. Earlier in the session, the price fell to 35.16 dollars per barrel. Variety for the week fell 4.35 dollars (10.88 percent), which is the biggest weekly decline since December 2014
The price of gold touched on Friday, its lowest level since a week, then increase the recording and traded in a narrow range. The slight decline in the dollar raised the price of the precious metal, but growth rates were modest, as market participants are preparing to raise interest rates in the US.