Oil Prices Plummet as US Output Surpasses OPEC, Hitting Lowest Level Since June
TL;DR
Crude oil prices, including Brent crude and West Texas Intermediate, dropped nearly 4% due to concerns over lagging demand and an unexpected increase in US gasoline inventories. The prices reflect the lowest levels since June this year, with US benchmark oil prices down almost 20% in the fourth quarter. The focus remains on US production, which continues to compete with OPEC+ for market price influence. Weak economic data from China also suggests weak demand, further weighing on crude prices.
- Crude Oil Tanks Nearly 4% as US Output Overshadows OPEC OilPrice.com
- U.S. crude oil falls below $70 a barrel, closing at the lowest level since June CNBC
- Oil prices slide, ‘Good Buy or Goodbye’ debut Yahoo Finance
- Oil Falls on Mixed Inventory Changes in Crude, Fuels OilPrice.com
- Private oil survey data shows headline crude build vs. the draw that was expected ForexLive
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