Oil skids toward 11-year low as IEA warns of worse glut
Oil prices extended their freefall on Friday, flirting with 11-year lows, after the International Energy Agency (IEA) warned that global oversupply of crude could worsen next year.
Brent and US crude's West Texas Intermediate (WTI) futures fell as much as 5 per cent on the day and 12 per cent on the week as mild pre-winter weather and a plummeting U.S. stock market added to the toll on oil prices.
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Reuters
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