Oil prices fall to their lowest level since the third quarter of 2017 with losses of more than 11 percent

Baghdad, Oil prices fell to their lowest level since the third quarter of 2017, with losses of more than 11 percent due to an abundance of global crude supply that kept investors away from the market ahead of year-end holidays.

The oil market, along with major equity markets, fell amid investor fears about the strength of the global economy as the New Year approaches. A possible closure of the federal government in the United States, the world’s biggest oil consumer, has raised investor fears.

The decline in oil markets came amid fears of abundance in supply despite planned production cuts agreed by OPEC with independent producers, led by Russia.

Brent crude futures closed at 53 cents a barrel, or about 1 percent, to settle at $ 53.82 a barrel, after falling to $ 52.79, the weakest level since September 2017.

US benchmark WTI futures fell 29 cents to settle at $ 45.59 a barrel, after touching $ 45.13 a barrel at a session low.

Source: National Iraqi News Agency