(MENAFN- Saudi Press Agency) LONDON Rabi'II 5 1437 Jan 15 2016 SPA -- World stocks were set for a third straight week of losses on Friday and commodity currencies took another drubbing as oil prices fell back below $30 keeping alive concerns about global growth according to Reuters.
European stocks fell more than 1 percent heading back towards Thursday's 13-month lows while Asian shares skidded to 3-1/2 year lows.
Oil prices which posted their first significant gains for 2016 on Thursday came under fresh selling pressure.
Brent crude fell 3 percent to $29.86 heading for a weekly loss of more than 10 percent. U.S. crude fared even worse sliding almost 5 percent to $29.75 and was set for a weekly decline of 10 percent.
The collapse in oil prices has spooked financial markets as investors worry about the health of the global economy with a slowdown in China and volatility in its markets making for a nervous start to the year.
The Shanghai Composite lost 3.5 percent while the CSI300 tumbled 3.2 percent. That put the former on track for a 9 percent loss for the week and the latter for a decline of 7.2 percent.
--SPA
12:54 LOCAL TIME 09:54 GMT
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