Economic news

Oil moves lower driven by large-scale sell-off

Prices of oil dropped today, pulled down by a massive market sell-off undermining growth incentive for prices coming from awaited production limitations planned by OPEC.

Photo: Reuters

Brent futures fell to $66.37 per barrel, 42 cents lower compared to the previous settlement. U.S. WTI futures eased to $56.94 for a barrel, a loss of 26 cents.

U.S. oil output has climbed to unprecedented 11.7 mln barrels daily, registering a 25% gain in 2018. This happens as the global economic growth is commonly predicted to moderate, and Wall Street and Asian stocks plunge.

To leave a comment you must or Join us

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree