Oil Prices Fall 1 Percent Amid Supply Glut Worries
Tuesday, 18 December 2018 09:32 WIB | COMMODITY |Minyak WTIMinyak Brent

Oil prices dropped 1 percent on Tuesday, extending losses from the previous session as reports of a big climb in U.S. inventories and forecasts of record shale output stoked worries about oversupply.

Concerns around future oil demand amid weakening global economic growth and doubts over the impact of planned OPEC-led production cuts were also pressuring prices, traders said.

International Brent crude oil futures were at $58.95 per barrel at 01:41 GMT, down 66 cents, or 1.11 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were down 40 cents, or 0.8 percent, at $49.48 per barrel.

Both U.S. crude and Brent have shed more than 30 percent from early October amid swelling global inventories, with WTI currently trading at levels not seen since October 2017.

Source : Reuters

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