Oil Prices Plunge
Tuesday,
18-Dec-2018
04:37 PM (IST)
In commodities, oil prices plunged, dropping for a third consecutive session as reports of swelling inventories and forecasts of record U.S. and Russian output combined with a sharp sell-off in global stock markets.U.S. West Texas Intermediate crude futures sank by as much as $2.04, or 4.1%, to a low of $47.84, its weakest since September 2017, before recovering to around $48.61.International Brent crude oil futures fell $2.41, or 4%, to a 14-month low of $57.23. It last traded at $57.87.Both crude oil benchmarks have shed more than 30% since early October due to swelling global inventories.The American Petroleum Institute is due to release its weekly report for the week ended December 14, amid expectations of a drop of about 2.5 million barrels.
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