Oil Prices Drop to Three-Month Low Upon Report From OPEC
Oil tumbled on Tuesday after OPEC reported a rise in global crude stocks and a surprise output jump from its biggest member, Saudi Arabia, further pressuring prices that have now erased nearly all gains since OPEC announced output cuts in November.
Even though OPEC made an upward revision to its global demand outlook, signs of even modestly higher Saudi output flustered investors.
U.S. crude fell to its lowest settlement since Nov. 29, the day before the Saudi kingdom led the Organization of the Petroleum Exporting Countries (OPEC) to cut supplies. Brent settled at its lowest since Nov. 30.
Brent (LCOc1) futures dropped below their 200-day moving average for the first time since late November during the session. Brent settled down 43 cents, or 0.8 percent, at $50.92 a barrel.
U.S. West Texas Intermediate crude (CLc1) lost 68 cents, or 1.4 percent, to settle at $47.72 per barrel for the seventh daily decline in a row, the longest losing streak since January 2016. It is down almost 11 percent since March 3.Click here to continue reading.
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