Oversupply and Economic Concerns Cause Oil To Dip – 8 November, 2018

Oil prices came under pressure due to a continuously rising oversupply and economic slowdown concerns dropping U.S. crude 20 percent in just over a month. Brent crude managed to rise 14 cents above their last close, landing at $70.79 per barrel. U.S. West Texas Intermediate crude futures dipped 4 cents to $61.63 per barrel. Both have dropped out of their four year highs in October by roughly 20 percent. OPEC’s exports are rising despite U.S. sanctions against Iran, putting pressure on oil prices.