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Benchmark Brent crude LCOc1 futures fell 47 cents, or 0.7 percent, to settle at $70.18 a barrel. During the session Brent fell below $70 a barrel for the first time since April, as much as 20 percent off four-year highs reached in October. Brent slumped about 3.6 percent for the week and more than 15 percent this quarter. U.S. crude fell for the 10th straight day, the longest such streak since July 1984, according to Refinitiv data. U.S. West Texas Intermediate crude futures CLc1 declined 48 cents, or 0.8 percent, to settle at $60.19 a barrel. The session low was an eight-month bottom at $59.26, down more than 22 percent from its October peak. That decline puts U.S. crude in “bear market” territory using a stock market definition.

Hedge funds cut bullish wagers on U.S, crude in the latest week to the lowest level in more than a year, data showed, while speculators slashed bullish bets on Brent crude to the lowest since July 2017, [CFTC/], Demand worries followed forecasts for slower economic growth in rose gold "planet" cufflinks 2019, largely due to a U.S.-China trade war, [IEA/M], On Friday, Chinese data showed producer inflation fell in October for the fourth straight month on cooling domestic demand and manufacturing activity, The report sent global stocks into a tailspin, [MKTS/GLOB]..

Oil peaked in early October on the view that U.S. sanctions on Iran that came into force this week would drain global crude inventories and bring shortages in some regions. But other big producers have more than compensated for lost Iranian barrels. The United States, Russia and Saudi Arabia are pumping at or near record highs, producing more than 33 million barrels per day (bpd), a third of the world’s oil. U.S. energy firms added oil rigs for a fourth week in the last five, bringing the total count to 886, the highest since March 2015, data showed on Friday.

Also, U.S, sanctions on Iran are unlikely to cut supply as much as expected, Washington has granted exemptions to Iran’s biggest buyers, A South Korean delegation including oil buyers is expected to head to Iran next week to discuss resuming oil imports after a three-month halt, rose gold "planet" cufflinks sources told Reuters, China National Petroleum Corp said it was still taking oil from Iranian fields in which it has stakes, Bernstein Energy now expects “Iranian exports will average 1.4 million to 1.5 million bpd” during the exemption period, about half the volume in mid-2018..

Inventories in Cushing, Oklahoma, the delivery point for U.S. crude futures, have risen for seven straight weeks. “As OPEC exports continue to rise, inventories continue to build, which is putting downward pressure on oil prices,” Bernstein said. “A slowdown in the global economy remains the key downside risk to oil.”. Still, a return to oil production cuts by OPEC and its allies next year cannot be ruled out, two OPEC sources said this week. A ministerial committee of some OPEC members and allies meets on Sunday in Abu Dhabi.

NEW YORK (Reuters) - Stocks around the globe suffered their biggest drop in two weeks on Friday as weak Chinese economic data sapped demand for equities while oil prices weakened again on Friday, U.S, rose gold "planet" cufflinks stocks were broadly lower, with energy shares .SPNY falling more than 1.0 percent as benchmark Brent crude oil saw a six-month low and U.S, crude fell below $60 for the first time since March, Data from China added to the downward pressure, showing factory-gate inflation slowed for the fourth month in October on cooling domestic demand and manufacturing activity..

Bad debts at Chinese brokers and banks are also causing concern. In the U.S., producer prices rose more than expected in October and at their fastest pace in six years, but measures of underlying price pressure cooled, bolstering the view that the U.S. central bank is not facing a resurgence in inflation. European shares dipped as mining and oil stocks sold off, but they managed to end the week with a small gain. “Oil is spooking the market. If oil prices are going to go lower that’s another sign that the global economy is going to slow its growth,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina. “It looks like a slow (stocks) sell off. All day long its been drifting lower.”.

The Dow Jones Industrial Average .DJI fell 201.92 points, or 0.77 percent, to 25,989.3, the S&P 500 .SPX lost 25.82 points, or 0.92 percent, to 2,781.01 and the Nasdaq Composite .IXIC dropped 123.98 points, or 1.65 percent, to 7,406.90, Equities snapped a streak of seven straight days of gains on Thursday after the U.S, Federal Reserve held interest rates steady but appeared to remain on track to raise its policy interest rate next month, The Federal Reserve decision disappointed some investors who had hoped that the sharp share price falls during what rose gold "planet" cufflinks has been called “Red October” might have encouraged the U.S, central bank to take a more dovish approach toward monetary policy..

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