Oil Oversupply Causes Prices To Dip -25 October, 2018

Oil prices fell heading to a third weekly loss as Saudi Arabia’s OPEC governor predicted that the oil market could face an oversupply in the fourth quarter. U.S. crude was down 64 cents and 1 percent to $66.68 per barrel, on course for a 3.5 percent loss this week. Brent crude futures dipped 51 cents and 0.7 percent to $76.38 and is set for a weekly loss of over 4 percent. U.S. stockpiles rose for a fifth consecutive week, with prices roiled by Wall Streets biggest decline since 2011.