Caspian Energy Journal Caspian European Club
Tuesday, 18 December 2018 11:00

Oil prices keep slipping

Oil prices keep slipping

Brent crude prices dropped more than $1 on Tuesday, falling for a third straight session, as reports of inventory builds and forecasts of record shale output in the United States, now the world’s biggest producer, stoked worries about oversupply, Caspian Energy News ( reports with reference to Reuters.

Concerns over future oil demand amid weakening global economic growth and doubts over the effectiveness of planned production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) also pressured prices, traders said.

International benchmark Brent crude oil futures were at $58.62 per barrel at 0615 GMT, down 99 cents, or 1.66 percent, from their last close.

Brent, which has slipped more than 4 percent in the past three sessions, fell to as low as $58.10 a barrel on Tuesday, down more than $1.50 from the previous day’s close.

U.S. West Texas Intermediate (WTI) crude futures were down 91 cents or 1.82 percent at $48.97 per barrel.

Both U.S. crude and Brent have shed more than 30 percent since early October due to swelling global inventories, with WTI now trading at levels not seen since October 2017.

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Person in charge of the newsline: Olga Nagiyeva 

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