Crude Plummets to Lowest Since Late 2017

摘要

Oil prices plunged to their lowest in more than a year, dropping some 5% on Tuesday amid concerns of oversupply and the breaching of key technical support levels, but some experts say the commodity has become oversold. The largest oil field contributing to global benchmark Brent crude is back in service, and the US government said domestic shale output would hit 8 million barrels per day by year's end (OD Dec.18'18). Traders said both pieces of news helped feed into bearish sentiment to pressure prices. Market players said they expected official data released Wednesday would show a build in US crude inventories at the Nymex pricing point of Cushing, Oklahoma.