Oil Prices Fall More Than 5% Following
Concerns of Slowing Economy and Oversupply, Bringing Brent Crude
to $56.26 a Barrel
December 19, 2018
Oil prices dropped more than 5% on Tuesday,
retreating for a third consecutive sessions. The market was hit
by reports that US supply will continue to rise despite falling
demand as global growth worsens.
US crude fell by USD $3.64 or 7.3% to settle
at $46.24 a barrel, the lowest level since August 2017. The
price went down as low as $ 46.11 per barrel during the session.
Brent crude fell by USD $3.35, or 5.62% to
$56.26 a barrel. During the session, Brent hit a 14-month low of
$56.16 a barrel.
|