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Oil prices fall to lowest level in more than a year

The Address | Benghazi – Libya

LIBYA – Oil prices fell more than 6 percent to their lowest level in more than a year on Monday as markets were hit by concerns about a global economic slowdown.

US crude and benchmark crude futures hit Brent’s lowest level since 2017, making crude on the course of a 40% drop in the quarter.

US crude futures were the lowest since June 22, 2017, while Brent crude hit its lowest level since August 17, 2017.

Markets at all asset levels have come under pressure as growing concerns over US government closures are growing. Investors turned to safe havens like gold and US debt instruments.

US crude futures were settled at $ 42.53 a barrel, down $ 3.06, or 6.7 percent, during the session.

Brent crude fell $ 3.35 a barrel, or 6.2 percent, to settle at $ 50.47 a barrel.

Brent crude fell 11 percent last week, its lowest level since September 2017, while US futures contracts hit their lowest level since July 2017, falling to 35 percent in the quarter.


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