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Oil prices fell nearly 8 percent to their lowest level in more than a year, extending a seventh weekly loss. Traders fear a supply glut led by US producers, even though OPEC is expected to consider output cuts after a December 6 meeting.
Oversupply fears and weak demand expectations push crude prices lower, which reduces energy and fertilizer costs. The planned OPEC cut is a possible support if it is implemented.
reuters.comJessica Resnick-AultNov 23, 2018Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Nov 23 plunge of nearly 8% to a one-year low on US-led supply glut fears is the direct driver of the weekly decline.
