Oil prices fall as Saudis warn of looming oversupply, global markets slump

Oil prices fell on Friday and were heading for a third weekly loss, as Saudi Arabia warned of oversupply amid a slump in global equities and trade that clouds the outlook for fuel demand. Brent crude futures were down 49 cents, or 0.6 per cent, at $76.40 a barrel by 0649 GMT. The global benchmark is on course for a weekly loss of over 4 per cent.

US crude was down 59 cents, or 0.9 per cent, at $66.74. The US benchmark is set for a 3.5 per cent loss this week. "The near $10 per barrel drop in Brent crude seen over October.....

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