Oil prices slumped this week as ample global supplies continued to pressure the market and the dollar strengthened on better-than-expected U.S. economic data. Brent, the global benchmark, has now fallen 20% from the high reached in mid-June. Global supplies have outpaced demand in recent months, sparking speculation among investors about whether the Organization of the Petroleum Exporting Countries would reduce production to keep prices high. However, Saudi Arabia announced price cuts for its oil this week, which the market interpreted as a sign that the kingdom is less likely to lower production. On Friday, the dollar strengthened against other major currencies as the September U.S. jobs data exceeded expectations . A strong dollar makes oil more expensive to buyers using foreign currencies. Light, sweet oil for November delivery fell $1.27, or 1.4%, to $89.74 a barrel on the New York Mercantile Exchange, the lowest settlement since April 23, 2013. […]