Oil prices hit 15-month lows as inventories keep surging
- 1 month ago
Oil prices have hit the lowest mark for over a year as a worry of over-supply and rising Fed rates have hit hard on the stock markets.
U.S. crude has dropped to its weakest figure since August 2017, by 5% to 45.67 per barrel,
Meanwhile Brent Crude too has fallen to its own 15-month low by the same percentage at $54.38 per barrel.
Crude futures have fallen by 35% over the year and it is yet to see how OPEC’s production cuts balance the market, as in the meantime both the U.S., Russia and Saudi Arabia seem to continue the drilling bonanza.
Source: Smart Trend Team