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Oil prices fell more than 2% on Monday as U.S. crude dropped below $50 a barrel. Cushing, Oklahoma inventories rose by more than 1 million barrels from Dec.
11 to 14, according to Genscape data cited by traders. Investor concern over global economic growth and fuel demand added to the selling.
A build in U.S. storage signals oversupply, which pressures crude and lowers energy input costs for feed producers. Lower crude also weakens the economics of biofuel feedstocks such as soybean oil and corn.
reuters.comDevika Krishna KumarDec 17, 2018Not 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.
