CRUDE OIL UPDATE ::
OilNSE -2.27 % notched its biggest weekly loss since the depths of the last price crash, as record Saudi output, pressure from US President Donald Trump and a global stock sell-off intensified crude’s freefall.
Futures slid below $60 in London on Friday and ended the week down about 12 per cent, the worst showing since January 2016. Traders focused on the growing risks of a new glut of crude after Saudi Arabia’s oil minister said on Thursday that production from the world’s largest exporter had climbed further this month.
Oil joined a swoon in equity markets nervous about international trade and a weakening economy. The S&P 500 Index fell to its lowest mark since May while European markets lost ground after a report showing a slowdown in Germany. Energy companies led the declines, with shale drillers Concho Resources and Devon Energy Corp each down more than 5 per cent.
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