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Analysts expect oil prices to fall further over the coming weeks as swelling inventories and forecasts of record U.S. and Russian output build. Brent dropped as low as $57.20 a barrel on Tuesday before trimming losses.
Concerns about a possible economic slowdown in 2019 added downward pressure.
Analyst expectations of continued weakness reinforce bearish crude sentiment, which lowers fuel and freight costs for feed buyers. Persistent oil weakness also reduces the appeal of biofuel feedstocks.
cnbc.comSam MeredithDec 18, 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.
Analyst bearish outlook on swelling inventories and record output reinforced downward momentum and sentiment.
Analyst expectations of further declines from swelling inventories and recession worries reinforced bearish sentiment.
