Oil prices fell on Friday and were heading for a third weekly loss, as Saudi Arabia warned of oversupply amid a slump in global equities and trade that cloud the fuel outlook for demand.

Brent crude futures were down 47 cents, or 0.6 percent, at $76.42 a barrel by 0519 GMT. The global benchmark is on course for a weekly loss of over 4 percent.

U.S. crude was down 60 cents, or 0.9 percent, at $66.73. The U.S. benchmark is set for a 3.5 percent loss this week.

“The near $10 per barrel drop in Brent crude seen over October is a spillover from the global sell-off in equities,” Fitch Solutions said in a note.

Stock price plunges have roiled oil markets this week as Wall Street had its biggest daily decline since 2011, wiping out all of this year’s previous gains.

Saudi Arabia’s OPEC governor said on Thursday oil markets could face oversupply by the end of the year.

“The market in the fourth quarter could be shifting towards an oversupply situation as evidenced by rising inventories over the past few weeks,” Adeeb Al-Aama told Reuters.

Saudi Arabia Energy Minister Khalid Al-Falih said there could be a need for intervention to reduce oil stockpiles after increases in recent months.

For now, however, oil markets remain relatively tight, largely because of U.S. sanctions against Iran’s oil exports, which start on Nov. 4.

Washington is putting pressure on governments around the world to stop importing Iranian oil.

Most, including its biggest customer China, are falling in line, forcing Iran to storing unsold oil on tankers in the hope it can sell the crude off once sanctions are lifted again.

We’ll keep you informed of what that’ll mean for us as the consumer. An oversupply usually means prices at the pump go down BUT oil prices have been rising steadily for decades.