On Tuesday Oil fell over 1% and that was the third decline in a row, while records of inventory increased and estimates of record growth in the United States sparked concerns regarding a possible oversupply.
Currently, the United States of America is the Larger Oil producer in the world. Traders’ anxieties about the projected oil demand along with the uncertainties over the result of proposed production cuts driven by the OPEC and declining global economic growth were also driving rates lower. In the past three trading sessions Brent fell more than 4% while the International benchmark Brent crude oil futures fell to $58.89 per barrel and that is 71 cents down from the last close.
Concerns over global growth drives market down
Daily Analysis - 18/12/2018