Brent extends losses to October 2017 lows on global growth concerns

2018-12-18 13:59:56 GMT (Economies.com)
Brent extends losses to October 2017 lows on global growth concerns

Brent futures maintained their losses in American trade for the third straight session, marking October 2017 lows amid concerns of slower global growth, and in turn slower oil demand. 

 

As of 13:15 GMT, Brent fell to $58.30 a barrel, with a session-high at $59.21, and the lowest since October 2017 at $57.21. 

 

Brent lost 2.7% on Monday, the second loss in a row on global economic slowdown worries. 

 

Oil prices lost about 1.8% last week, the first loss in three weeks on doubts OPEC's deal to cut output might not be enough to achieve market balance. 

 

A string of weak data raised concerns over economic performance in China and the European Union, in turn hurting prospect for oil demand next year. 

 

Slower demand would require steeper cuts from OPEC and independent producers, chief among them is Russia, if true balance is to be achieved next year. 

 
 
 
  Symbol Last Change Chg.%
1.1292
0.0074
0.6601%
1.2705
0.0122
0.9692%
15.454
0.586
3.941%
57.377
4.868
9.271%
64.44
2.57
4.15%
1389.155
47.875
3.569%
 
 
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