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Oil prices slump to new lows
August 8, 2015, 8:14 am

Oil prices hit multi-month lows Friday, extending a prolonged losing run caused by a global supply glut. Excess crude supply is seen as the main driver for a slump in oil price of more than 50 percent since mid-2014.

Brent North Sea crude on Friday hit a six-month low at $48.55 a barrel, while New York prices struck a 4.5-month trough at $43.94.

“Crude oil prices continue to trade under significant pressure owing to ample global supplies and an unimpressive demand outlook,” said Kash Kamal, senior analyst at Sucden Financial Research.

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