Oil Prices Tumble On Oversupply, Weak Demand


NEW YORK, Aug 1 (Reuters) - Brent and U.S. crude futures tumbled on Friday to the lowest settlement prices in months, as oversupply in the Atlantic basin and low demand outweighed worries over political tensions in the Middle East, North Africa and Ukraine.

Oil prices ended the week down more than 3 percent, as forecasts for a supply glut in West African and European markets dragged Brent below $105 a barrel and U.S. crude below $98.

"Since June 23, the market's been going down," said Andy Lebow, vice president at Jefferies Bache in New York. "This looks like an extension of a pretty significant bear market."

Brent crude slid $1.18 to settle at $104.84 a barrel, its lowest settlement since April 2.

U.S. crude fell 29 cents to settle at $97.88 a barrel, the lowest settlement since Feb. 6. U.S. crude notched its biggest weekly decline since January, almost 4.5 percent.

U.S. crude's discount to Brent <CL-LCO1=R> closed at $6.96.

U.S. RBOB gasoline prices led the complex lower, settling at $2.7443 a gallon, then fell more in post-settlement trading, hitting the lowest since February.


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