Oil Oversupply And Economy Cause Prices To Tumble – 27 December, 2018

After an 8 percent rally, oil prices dipped on rising crude production and slowing global economic growth. U.S. West Texas Intermediate crude futures dropped 3.48 percent and $1.61 to $44.61 per barrel, while international benchmark Brent crude futures dipped 4.24 percent and $2.31 to $52.16 per barrel. Both Brent and WTI are heading for 2018 declines of over 20 percent, having lost over 1/3 in value since October. Crude inventory in the U.S. rose by 6.9 million barrels last week, piled onto the 448.2 million barrels already stockpiled.