# Oil tumbles more than 7% to $50.42, now down more than 30% in 7 weeks

> WTI settled down 7.7% at $50.42 on Nov 23, its weakest since October 2017, and Brent fell to its lowest since late 2017. Crude has lost about a third of its value from its early-October peak. Traders are waiting for OPEC and non-OPEC members to announce output curbs at their Dec. 6 meeting in Vienna.

- Date: 2018-12-01 · published 2018-12-01T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/62215-oil-tumbles-more-than-7-to-50-42-now-down-more-than-30-in-7-weeks
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Sustained crude weakness lowers diesel and fertilizer input costs over time but also cuts biofuel economics, weighing on soyoil and palm oil demand for biodiesel. The outcome of the Dec. 6 OPEC meeting is the key swing factor for energy-linked feed and oilseed prices.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Sources

- cnbc.com: https://www.cnbc.com/2018/11/23/oil-prices-slump-to-their-lowest-level-of-2018-even-as-opec-considers-cuts.html

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