Loading…
Oil prices fell to new one-year lows on Tuesday, with WTI dropping below $47 and Brent near $56. Rising crude inventories at Cushing and expected U.S. shale output growth, including a monthly rise of 134,000 bpd per the EIA, weighed on prices.
A broader selloff in financial markets amplified the decline.
Rising U.S. inventories and production growth point to continued crude oversupply, lowering energy costs for feed production and transport. Analysts also expect shale drillers to face financial strain, which could eventually slow output and support prices.
oilprice.comNick CunninghamDec 19, 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.
Rising Cushing inventories, expected shale growth and broader financial selloff weighed on prices during the window.
Rising Cushing inventories, expected shale growth and a broad financial selloff amplified the decline.
