Oil drops erasing all previous gains since OPEC announcement
- 1 month ago
Oil has taken a stunning turnaround in fortunes in the matter of hours as prices crashed by more than 3%.
Global markets floundering caused by a confusing Brexit and poor data from the world’s biggest economies.
Oil was in steady waters on Friday as it enjoyed the gains made after the OPEC meeting in Vienna was deemed a success due to the fact an agreement had been reached on production cuts.
International Brent crude oil futures dropped by 2.7% at $ 59.99 per barrel and U.S. West Texas Intermediate crude shed 2.8% at $51.14 a barrel.
"The stock market and oil market correlation are back on today," stated John Kilduff of Again Capital Management in NYC. "These worries about the global economy and the demand outlook that follows on that for oil are a bigger and bigger negative for the market."
Source: Smart Trend Team