# U.S. oil prices end at 17-month low, down more than 11% for the week - MarketWatch

> U.S. February WTI settled down 0.6% at $45.59 a barrel, its lowest front-month close since July 2017, and fell 11.4% for the week. A rise in active U.S. oil rigs added to concerns about growing global output and slowing energy demand. A report that Saudi Arabia would cut more oil than first announced under the OPEC-led deal provided little support.

- Date: 2018-12-21 · published 2018-12-21T12:00:00.000Z
- Category: market · region US · magnitude medium
- Page: https://feedsoft.ai/events/8522-u-s-oil-prices-end-at-17-month-low-down-more-than-11-for-the-week-marketwatch
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Rising U.S. rig counts and global output growth signal continued crude oversupply despite OPEC cuts, keeping energy and freight costs low for feed buyers. Weak crude also undercuts biofuel margins that support vegetable oil and corn demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2018-12-24 | 5 | -12.6% | -3.8 | Confirms the weekly 11% WTI drop; rising US rig counts signaled more supply, and the Saudi cut offered little support. |

## Sources

- marketwatch.com: https://www.marketwatch.com/story/oil-sticks-near-17-month-lows-even-as-saudis-indicate-deeper-production-cut-2018-12-21

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.