Brent Oil Posts Record Run of Quarterly Losses on High Supply
- China’s weak economic recovery, US rate hikes weigh on outlook
- Brent benchmark settled below $75, down for a fourth quarter
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Brent oil posted its longest run of quarterly losses in data going back more than three decades amid robust supplies and persistent concerns over demand.
Oil has faced worries about a potential global economic slowdown as well as a lackluster recovery in China. Robust crude exports from Russia and Iran have kept supplies ample, outweighing a potential pickup in summer demand and production cuts from the Organization of Petroleum Exporting Countries.