Oil fell to fresh lows not seen since May 2009 on Friday with U.S. crude prices slipping below $58 a barrel on concerns over a global supply glut and weak demand.
U.S. WTI crude settled down $2.14 at $57.81 per barrel, the lowest since May 2009. The contract has lost about 11 percent this week. Brent crude was down nearly $2 at $62 per barrel and earlier hit a low of $61.35—the lowest since July 22, 2009.
Down 33 percent already, it is on track for its biggest quarterly drop since the fourth quarter of 2008. Brent is down more than 9 percent this week, taking its fall since a June peak above $115 to 45 percent.