U.S. Oil Gains After Major Dip – 18 December, 2018

With markets under pressure and a slowing global economy, U.S. oil prices rose, gaining back some of their losses from the previous session. After a steep dive of 7.3 percent and an August 2017 low of $45.79, U.S. crude rose 0.8 percent and 37 cents to $45.24 per barrel. Brent crude rose 0.85 percent and 49 cents to $56.24 per barrel, having dipped to a 14-month low the previous session at $56.16 per barrel. Russian output reached a record of 11.42 million bpd in December, and U.S. production can expect to rise to a record 8 million bpd according to the government.