Oil hits three-month lows as downbeat mood persists ahead off festive break

Oil prices fell to their lowest since the third quarter of 2017 on Friday, heading for losses of 11 percent in a week, as global oversupply kept buyers away from the market ahead of the long festive break. Brent crude fell $1.56 to a low of $52.79 a barrel, its weakest since September 2017, before rallying to trade around $53.35, down 11.

5 percent on the week, by 1435 GMT. US light crude oil was down 30 cents at $45.28, on course for a decline of 11.0 percent for the week. Crude has lost ground along with major equity markets.

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