Oil prices drop as oversupply looms amid global market woes
Oil prices fell on Friday and were heading for a third weekly loss, as Saudi Arabia warned of oversupply amid a slump in global equities and trade that cloud the fuel outlook for demand.
Brent crude futures (LCOc1) were down 47 cents, or 0.6 percent, at $76.42 a barrel by 0519 GMT. The global benchmark is on course for a weekly loss of over 4 percent.
U.S. crude (CLc1) was down 60 cents, or 0.9 percent, at $66.73. The U.S. benchmark is set for a 3.5 percent loss this week.
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