Brent Oil Back Below $89 with Ongoing Rising Supply

Oil prices reversed in choppy trading on Friday as investors momentarily overcame fears about the supply outlook, buying back contracts that had been beaten down to multi-year lows.

Profit-taking dragged Brent crude back from below $90 a barrel, close to a four-year low. Earlier, rising supply and more grim economic news extended the contract’s months-long slump. U.S. crude also rebounded sharply after sinking to its lowest since 2012, ratcheting up pressure on OPEC to slash output to rescue prices in the face of slow demand.

Brent crude for November delivery was up by around 30 cents to above $90 a barrel, after falling earlier to $88.11 – its lowest since December 2010.  Brent has fallen more than 20 percent since hitting this year’s high of $115.71 in June, and is in line for a third straight week of losses, as growing supply from Libya and the United States has met softer economic data from Europe and Asia.


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