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.