Oil prices slumped Friday to lows not seen since last year as concerns over high crude supplies and uncertain economic growth triggered massive selling.
The petroleum slump, which took major oil contracts down to their lowest level since October 2017, comes as oil output remains high in the United States, Russia and Saudi Arabia and as some forecasters have trimmed their outlook for global growth, due in part to the US-China trade fight.
US oil benchmark West Texas Intermediate dropped $4.21 to $50.42 a barrel for January delivery, a decline of 7.7 percent.
In London, Brent oil futures for January delivery, slid 6.1 percent to $58.80 per barrel.
“The truth of the matter remains that rising global crude supply coupled with worrying signs of slowing demand have written a recipe for disaster for the oil markets,” said Lukman Otunuga, a research analyst at FXTM.
Global stock markets were mixed, with major US indices retreating in part due to worries about lower oil prices and…
Read More…..Channels TV News
