Oil prices hit its lowest point since December 2017 on Tuesday, following anticipated oversupply in the global crude oil market.
Brent crude futures, the global benchmark fell by 7.34 percent to $64.97, while US West Texas Intermediate (WTI) lost $2 in less than 30 minutes to sell at $55.12 on Tuesday evening.
During its last meeting, the Organisation of Petroleum Exporting Countries (OPEC) and its allies led by Russia acknowledged that an oversupply of oil in the market is imminent in 2019.
Saudi Arabia, a prominent member of the oil cartel, said it would cut exports by as much as 500,000 barrels per day (bpd) in November and December to curb oversupply.
This took prices up on Monday but not significantly so.
The sharp drop in prices was seen after US President Donald Trump tweeted same Monday that Saudi Arabia and OPEC should not cut production to reduce supply.
“Hopefully, Saudi…
Read More…..The Cable News
