Oil Drops 6% to
Lowest Level in More than 1 Year, Brent Crude Dips to $50.47 a
Barrel
December 25, 2018
Oil prices
plunged more than 6% to the lowest level in more than a year on
Monday, pulling back sharply late in the session as fears of an
economic slowdown rattled the market.
U.S. crude futures have hit the lowest level since June 22,
2017, while Brent crude reached its lowest level since Aug. 17,
2017.
Markets across asset classes have come under pressure as the
U.S. government shutdown, as Investors have flocked to
safe-haven assets such as gold and government debt.
U.S. crude futures settled at $42.53 a barrel, down $3.06, or
6.7%. Brent crude futures settled down $3.35, or 6.2%, at $50.47
a barrel.
Brent fell 11% last week and hit its lowest level since
September 2017, while U.S. futures slid to their lowest level
since July 2017, bringing the decline in the two contracts to
more than 35% for the quarter.
The Organization of the Petroleum Exporting Countries (OPEC) and
allies led by Russia agreed this month to cut oil production by
1.2 million barrels per day from January.
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