Crude oil prices hit fresh seven-year lows on Friday as the International Energy Agency (IEA) warned global oversupply could worsen in the new year. Brent slipped below $39 per barrel for the first time since December 2008 as the IEA, which advises developed nations on energy, warned that demand growth was starting to slow. “The technicals and the fundamentals are singing from the same hymn sheet,” said Tamas Varga, oil analyst with PVM Associates.