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Oil slumps 4% to lowest in a year as stock markets sink

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December 20, 2018

Oil prices fell more than 4 percent on Thursday, hitting their lowest in more than a year on worries about oversupply and the outlook for energy demand as a U.S. interest rate rise knocked stock markets.

Stock markets dropped worldwide after the U.S. Federal Reserve raised rates and maintained most of its guidance for additional hikes over the next two years, dashing investor hopes for a more dovish policy outlook.

U.S. light crude oil fell $2.35 a barrel, or 4.9 percent, to a low of $45.82, before recovering a little to around $46.50 by 1020 GMT. North Sea Brent dropped down $2.60, or 4.5 percent, to a low of $54.64 a barrel, its lowest since September 2017.

Both major oil futures contracts rallied sharply on Wednesday but are now at or close to their lowest levels for over 15 months, more than 30 percent below multi-year highs reached at the beginning of October.

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This article was posted: Thursday, December 20, 2018 at 8:28 am

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