Investing.com – Oil prices plunged on Tuesday, dropping for a third consecutive session amid indications of swelling global inventories due to record U.S. and Russian output.
Worries that the ongoing U.S.-China trade dispute will drag on global growth and, by extension, erode energy demand, also weighed.
Front-month futures sank $1.11, or 2.2%, to $49.09 by 8:55AM ET (13:55 GMT). It fell to as low as $48.15 earlier, the weakest level since Sept. 2017.
International futures slumped $1.09, or 1.8%, to $58.52 a barrel, after touching a 14-month low of $57.23.
Both crude oil benchmarks have shed more than 30% since early October due to swelling global inventories.
Market players now looked ahead to the release of fresh weekly data on U.S. commercial crude inventories.
The is due to release its weekly report for the week ended December 14 at 4:30PM ET (21:30 GMT), amid expectations of a drop of about 2.5 million barrels.
The U.S. Energy Information Administration’s weekly report will be released on Wednesday.
In other energy trading, dropped 1% to $1.381 a gallon, while lost 1.2% to $1.804 a gallon.
rallied 5.1% to $3.708 per million British thermal units. The contract sank 7.8% on Monday, the biggest one-day drop since Nov. 15.
— Reuters contributed to this report
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Source: Investing.com
