Oil headed for its sixth consecutive weekly loss, the longest string of falls since the start of the year as global oversupply pushed crude to its lowest since January. Friday’s strong US jobs report sent the dollar higher and weighed further on oil in afternoon trading. ICE September Brent, the international benchmark, fell more than 6 per cent this week to a seven-month low of $48.755 a barrel. Nymex September West Texas Intermediate, the US marker, also dropped by just over 6 per cent to a low of $43.94 a barrel, its weakest since March. “Record level output can be seen around the globe from all sorts of crude sources and [it] is exacerbating the global oversupply,” said analysts at JBC Energy. So far, there has been a very limited reduction in US oil production, and Opec production — led by Saudi Arabia and Iraq — has hit record levels.