Earlier in the week the U.S. West Texas Intermediate crude futures collapsed by more than 1.8 %, to $53.30 a barrel, following of an October 2017 low touched. On Friday Oil prices depreciated to this year's lows in light but unstable speculation. Anxieties of an emerging global supply extension due to a gloomy economic outlook was the main reason why investors are in the fear zone for now.
Traders stated that despite an expectation that the Organization of the Petroleum Exporting Countries (OPEC) producer group will start cutting supply next year to stop any possibility for oversupply gave little relief.
International benchmark Brent crude oil futures touched their weakest level since the December last year at about $61.50 per barrel, before growing to $62.10. That was however about 0.78% from their last close.
The UK and EU agreed on a draft plan
Daily Analysis - 23/11/2018