Oil Drops On Fears Of Global Economic Slowdown
- 6 years ago
According to Reuters, Oil prices tumbled on Tuesday after reports of swelling inventories and forecasts of record U.S. and Russian output hitting a market that may see weaker demand if global growth deteriorates as many expect.
U.S. crude oil fell $2.22, or 4.4 percent to trade at $47.64 a barrel by 10:57 a.m. EST (1553 GMT), its weakest since September 2017.
Global benchmark Brent lost $1.93, or 3 percent to trade at $57.68 a barrel after earlier dropping to $57.20, a 14-month low.
U.S. crude oil fell $2.22, or 4.4 percent to trade at $47.64 a barrel by 10:57 a.m. EST (1553 GMT), its weakest since September 2017.
Global benchmark Brent lost $1.93, or 3 percent to trade at $57.68 a barrel after earlier dropping to $57.20, a 14-month low.