Brent crude LCOc1 reversed early gains Friday to fall to a fresh post-2009 low below $56 a barrel, as a glut of oil that has halved prices since June overshadowed investor positioning at the start of the year for a possible eventual recovery.
Brent has slumped to its lowest in more than five years as top exporter Saudi Arabia and other large Gulf producers continue to pump oil amid fast-growing U.S. shale oil output, despite pleas from other Organization of the Petroleum Exporting Countries members to rein in production and shore up prices.
Iran’s deputy foreign minister on Thursday urged its regional rival Saudi Arabia to take action to support oil prices, saying producer countries across the Middle East will be hurt unless the slump is reversed.
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