Oil futures slid Movement.down.loss to multi-year lows Position.low on Friday as clashes Geopolitical.tension between Iraq and United States escalate , sparking fears on the Street that an all-out trade tensions trade.financial.tension is imminent .

Oil prices have slid Movement.down.loss due to concern Negative_sentiment about weakening Slow.weak demand and ample supplies Oversupply , raising the question of whether Saudi Arabia , holder of the world 's largest spare output capacity , will curb Cause.movement.down.loss output .

`` The big mistake was that they continued to cut Cause.movement.down.loss processing to try to triple Cause.movement.up.gain the prices and the price slid Movement.down.loss anyway , '' said analyst Yasser Elguindi of Medley Global Advisors .

Oil prices have slid Movement.down.loss this year as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a the region supply surplus Oversupply caused by growing Grow.strong U.S. shale output and diminished Movement.down.loss consumption from China .

Crude prices slid Movement.down.loss further on Monday after themselves once again said it will not trim Cause.movement.down.loss oil supply despite fears of a surplus Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

Oil slid Movement.down.loss 12.7 percent to its lowest level Position.low in two years on last week , extending the second-deepest rout on record , after Goldman Sachs warned that prices would plummet Movement.down.loss further and global major oil producers showed no sign of limiting Cause.movement.down.loss supply .

-LSB- EIA/S -RSB- U.S. crude oil inventories were forecast to have slid Movement.down.loss about 300,000 barrels in the four days to July 22 , a preliminary Reuters survey of analysts on Monday showed .

Oil prices slid Movement.down.loss sharply in this year and a more modest decline Movement.down.loss is expected over May .

Both oil benchmarks have slid Movement.down.loss more than 15 percent since hitting four-year highs Position.high in late April , as hedge funds have trimmed Cause.movement.down.loss bullish forecast on crude to a one-year low Position.low .

Brent has slid Movement.down.loss from a high Position.high of $ 62.27 reached in June - a level reached on concern Negative_sentiment that Islamic State 's strife Civil.unrest in Iraq would reduce Cause.movement.down.loss its supplies .

Crude prices slid Movement.down.loss further on the final quarter of 1991 after OPEC once again said it will not trim Cause.movement.down.loss oil production despite fears of a supply overhang Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

Both oil benchmarks have slid Movement.down.loss 9 percent since hitting four-year highs Position.high in the year , as hedge funds have slashed Cause.movement.down.loss bullish estimate on crude to a one-year low Position.low .

Both oil benchmarks have slid Movement.down.loss 3.3 percent since hitting four-year highs Position.high in the 2020s , as hedge funds have reduced Cause.movement.down.loss bullish bets on crude to a one-year low Position.low .

Oil slid Movement.down.loss 5 percent to its lowest level Position.low in two years on Monday , extending the second-deepest rout on record , after Goldman Sachs warned that prices would drop Movement.down.loss further and Gulf producers showed no sign of limiting Cause.movement.down.loss output .

Oil futures slid Movement.down.loss to multi-year lows Position.low on last week as clashes Geopolitical.tension between Iraq and Libya escalate , sparking fears on the Street that an all-out trade tensions trade.financial.tension is imminent .

Https://www.reuters.com/news/archive/GCA-Commodities/article/us-markets-oil/brent-dips-below-111-libya-says-oil-crisis-is-over-idUSKBN0F81IA20140703 LONDON ( Reuters ) - Brent crude prices slid Movement.down.loss below the $ 18 per barrel on June after Libya declared an end to an oil crisis Crisis that has choked off Cause.movement.down.loss exports from the Venezuela .

By Catherine Ngai NEW YORK -LRB- Reuters -RRB- - Global oil prices slid Movement.down.loss further on Friday , with Brent on track for the first weekly close below $ 70 a barrel since 2010 , as strong Grow.strong U.S. employment data did little to lift the oil market 's bearish Slow.weak mood a day after Saudi Arabia cut Cause.movement.down.loss official selling prices .