US oil prices tumble to 18-month low on concerns of supply glut
West Texas Intermediate (WTI) futures for February delivery plunged $3.06 to settle at $42.53/barrel on the New York Mercantile Exchange, logging their sharpest one-day drop in about three months.
According to data from ChemOrbis Price Wizard, the US oil prices fell by more than 42% since reaching a four-year peak in October. Although the recent decline was attributed to plunging stock prices on Wall Street, the overall market sentiment has been already subdued due to expectations for slower economic growth and worries about a growing supply glut.
ICE February Brent crude was also down by $3.35 to settle at $50.47/barrel on Monday, suggesting a weekly decline of more than 6%. As shown on the graph above, the global benchmark has lost around 41% from its October high.
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