Oil prices tumbled to their seventh straight weekly loss on Friday as concerns about a global crude glut intensified. Crude-oil futures have plunged more than 50% since June amid rising world output coupled with lackluster demand growth, and the latest losing streak is the biggest since the 2008 financial crisis. Brent crude, the global benchmark, fell 1.7% to a new more-than five-year low of $50.11 a barrel on Friday. Prices fell 11.2% in the week, the biggest weekly drop since late November, when the Organization of the Petroleum Exporting Countries opted to maintain its production quotas. Brent fell below $50 a barrel during intraday trading on Friday. Traders and investors said there wasn’t a specific driver behind Friday’s selloff. Market experts say oil output needs to be sharply curtailed for prices to stabilize. “We still have plenty of oil around the world,” said Carl Larry, director of oil and […]