Oil will show weekly losses again, as Saudi Arabia promised to ramp up production amid growing economic uncertainty, which got worse after global equity slump, Bloomberg reports.

Futures in New York fell by 1,2% and may show third week of losses that is more than 3% this week.

While earlier OPEC informed about output cut in 2019, Saudi Arabia assured that it is working to prevent any deficit. Besides, commodities got under selloff this week amid general refuse of investors from high risk assets.

During last three weeks oil lost 10% and is traded below $67 per barrel level.

Investors will closely watch the market next week, when sanctions of US against Iran take effect.

WTI oil fell to $66,52 per barrel, while Brent is traded for $76,36 per barrek. Prices lost 4,3% this week.

On equity market S&P 500 index may show the biggest monthly slump since 2011.