Oil's losing streak continued for the fourth consecutive month on Friday, with prices tumbling as another round of monetary stimulus from Japan pumped up the US dollar and pounded a crude market already suffering from robust supply.
Brent crude oil fell by more than a dollar to around $85 a barrel on Friday as a firmer dollar and a well supplied oil market pushed the benchmark towards its steepest monthly decline since 2012.
The dollar rose to its highest lev
Brent crude extended its decline to a third day, dropping towards $85 a barrel on Tuesday, still under pressure from a Goldman Sachs report that slashed the investment bank's oil price forecasts amid a global supply glut.
Brent crude futures extended declines to below $86 a barrel on Monday after Goldman Sachs cut its price forecasts for the contract and for US oil by $15 in the first quarter of next year.
The US investment bank said in a research
Brent oil prices fell on Friday but were little changed on the week as traders caught their breath from a months-long rout, even as signs of rising global supply and a US contango structure threatened deeper losses.
US crude oil f
Brent crude fell for a second session running on Thursday, hitting a one-week low just above $84 a barrel as a sharp rise in crude inventories in top oil consumer the United States reinforced oversupply concerns.
US crude inventor
Brent crude futures steadied above $86 a barrel on Wednesday, clinging to gains from the previous session as buyers gradually returned to a market hammered to four-year lows by abundant supply.
Expectations that oil demand may pic
Brent edged up on Tuesday, holding above $85 a barrel as robust China oil demand supported prices, although gains were capped by oversupply and lingering fears of a weak global economy.
Implied oil demand at the world's larges
Brent slipped below $86 and is headed for its fourth weekly loss in a row, despite climbing by almost a dollar earlier, as investors see no respite in a four-month rout sparked by ample supply and slowing demand from Europe to China.
Brent crude oil fell below $88 a barrel on Monday, its lowest in almost four years, after key Middle East producers signalled they would keep output high even if that meant lower prices.
Saudi Arabia has privately told oil market