Global oil prices plummeted 5% to a four-month low
In the latest developments in the oil market, both Brent and West Texas Intermediate (WTI) crude oil prices experienced a significant decline of around 5% on Thursday
In the latest developments in the oil market, both Brent and West Texas Intermediate (WTI) crude oil prices experienced a significant decline of around 5% on Thursday, 16 November, reaching their lowest levels in four months. The negative sentiment in the market was attributed to concerns about global oil demand, fuelled by weak economic data from the US and Asia.
Both the front-month contracts for WTI and Brent traded below their later-dated counterparts, indicating a contango market structure.
Brent futures settled down by $3.76/barrel or 4.6%/barrel to close at $77.42/barrel.
WTI crude saw a drop of $3.76/barrel or 4.9%/barrel closing at $72.90/barrel.