Oil Set for 10 Percent Fall in November as Supply Glut Persists

Oil prices on Monday were on course to end November some 10 percent lower as a global supply glut showed no sign of easing and weak stocks and a strong dollar further weighed on prices.

Brent crude , the global oil benchmark, was down 6 cents at $44.80 a barrel at 0915 GMT, on track for a 10-percent fall for the month.

U.S. crude futures were trading 7 cents lower at $41.64 per barrel and looked likely to reach the same monthly milestone.

A selloff in Chinese stocks dragged on Asian markets on Monday and European markets also opened lower, paving the way for a bearish start to the week.

The dollar edged to a fresh 8-1/2-month high against a basket of major currencies on Monday, making greenback-denominated contracts, such as oil, more expensive for holders of other currencies.

Reuters

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