Oil prices fell on Friday as global economic issues continue to rattle investors. Crude futures fell along with commodities led by copper. U.S. equities tumbled to its worst quarter since 2008.
For the quarter, Brent crude fell $9.72, or 8.64 percent, the biggest percentage loss since the second quarter of 2010. For the month, Brent crude dropped $12.09, or 10.53 percent, the biggest monthly decline since May 2010.
U.S. crude futures fared even worse, posting their weakest quarterly performance since the financial crisis of 2008 as a sputtering economy sparked more demand worries. For the quarter, U.S. crude fell $16.22, or 17 percent, the biggest percentage loss since the fourth quarter of 2008. For the month, it dropped $9.61, or 10.82 percent, the biggest monthly decline since May 2010.
In London, ICE crude for November delivery settled at $102.76 a barrel, dropping $1.19, or 1.14 percent, after touching a session low of $101.78.
Supply from all 12 members of the Organization of the Petroleum Exporting Countries (OPEC)is forecast to average 30.25 million barrels a day this month, up from 30.15 million in August, according to a Reuters survey.
The oil plunge is due in part to reports that China’s manufacturing sector contracted for the third month in a row. This spilled over into the fear that has investors doubting that Europe can reign in its sovereign debt crisis.
A dismal economic outlook and weak demand in the United States have dragged markets down this quarter, while the expected return of oil exports from Libya, cut off by the civil war, added a bearish spin this month.