Oil Prices Drop by about 2%, Brent Crude Dips to $56.24 a barrel

December 20, 2018

Oil prices fell on Thursday cancelling out most of the gains from the previous session in a decline that began earlier in the week amid concerns about oversupply and global economic outlook.

US crude fell by $1.08 to $47.17 a barrel, losing $0.96 on Wednesday.

Brent crude oil futures dipped by $1, or 1.75%, to $56.24 a barrel after rising nearly 2 percent in the previous session.

The Organization of the Petroleum Exporting Countries (OPEC) and other oil producers, including Russia, agreed this month to cut production by 1.2 million bpd in an effort to dispose of stocks and boost prices.