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WTI crude settled down 7.3% at $46.24 a barrel, its lowest close since August 2017, and Brent fell 5.6% to $56.26. Analysts pointed to U.S. shale output expected to exceed 8 million barrels per day for the first time and Russia reportedly pumping a record 11.42 million bpd.
Signs of weakening demand and slowing global growth added to the pressure.
Record non-OPEC supply combined with softer demand points to a sustained crude price slide, which lowers diesel and freight costs for feed buyers. Weaker oil also pulls down biofuel margins that support vegetable oil demand.
cnbc.comTom DiChristopherDec 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.
Dec 18 plunge (Brent -5.6%) on record US shale and Russian output and weakening demand signals was a major driver of the 5-day decline.
Dec 18 plunge (Brent -5.6%) on record US shale and Russian output plus weakening demand signals is a major supply-glut driver within the window.
