# Brent touches $57.20 on fears of oversupply - The Hindu

> 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.

- Date: 2018-12-18 · published 2018-12-18T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/11081-brent-touches-57-20-on-fears-of-oversupply-the-hindu
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- thehindu.com: https://www.thehindu.com/business/Economy/brent-touches-5720-on-fears-of-oversupply/article25776167.ece

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.