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Brent fell 4% to $57.20, a 14-month low, and U.S. crude dropped to a low of $47.84, its weakest since September 2017. Oil fell on reports of swelling inventories and forecasts of record U.S. and Russian output, alongside a sharp equity sell-off on slowing global growth fears.
OPEC and other producers have agreed to cut output by 1.2 million barrels per day.
Rising inventories and record output forecasts outweigh the announced OPEC cuts, keeping crude prices under downward pressure and lowering energy input costs for feed producers.
thehindu.comReutersDec 18, 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.
