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WTI crude settled at $43.23 a barrel on June 20, its weakest close since September and more than 20% below its 52-week high, putting it in bear market territory. The decline followed rising output from Nigeria and Libya, both OPEC members exempt from production cuts.
Analysts quoted in the article said prices could fall below $40.
Rising exempt-country supply deepens the global glut, pressuring energy prices and weakening biofuel margins that support demand for corn and vegetable oils. Lower crude also reduces diesel and freight costs for feed commodities.
cnbc.comTom DiChristopherJun 20, 2017Not enough comparable past events yet for a historical read.
Not 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.
