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Oil prices tumbled more than 5% on Tuesday, with U.S. crude settling down 7.3% at $46.24 a barrel. Reports that U.S. supply would keep surging even as demand weakens drove the decline.
Brent settled at $56.26, and both benchmarks have fallen more than 30% since early October.
Surging U.S. supply against weakening demand signals sustained crude oversupply, which lowers energy and freight costs for feed buyers. Lower oil also reduces the economic incentive for biofuel-linked feedstock demand.
financialpost.comReutersDec 18, 2018financialpost.comReutersDec 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.
Reports of surging US supply amid weakening demand drove the Dec 18 drop, with Brent settling at $56.26.
Covers the same Dec 18 selloff, with surging US supply and weakening demand pushing both benchmarks lower.
