(MENAFN) Oil edged down as bearish sentiment led by oversupply rattled the market and was ready to lead prices to a third straight weekly drop.
Global benchmark Brent Crude traded 1 cent lower ate USD 37.05 a barrel, U.S. crude futures decreased to a near seven-year low of USD 34.41 a barrel.
"Prices are falling on continued bearish sentiment and maybe WTI has fallen on the conviction that it was priced too high against Brent," said senior oil analyst.
The WTI-Brent extend fell to the lowest in 11 months at USD 1.10 a barrel, the gap has since recovered to USD 2.10 as WTI made bigger losses.
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