Economic news

Oil drops to lowest levels since December 2017

Crude prices plummeted to the least notch in almost a year today, pulled down by a growing supply that could lead to a global oil glut and by more subdued economic prospects.

Photo: Reuters

Brent futures slipped to $62.13, down 47 cents or 0.8% from the previous settlement, though it had gone as far down as $61.52, the minimum since late 2017. U.S. WTI futures contracted 2.3% to $53.38 per barrel.

The intra-day lowest result was at $52.82, just some cents higher than Tuesday’s $52.77, unseen since October 2017.

Brent and WTI move differently due to higher supply in the U.S. that sends prices lower, whereas globally the situation is a little tighter, to a degree because of decreased volumes from Iran.

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