The WTI Crude Oil markets hit lower on the session on Tuesday, hit by fears over the outlook for the global economy and doubts over producers’ resolve to cut output. breaking through the $50 handle.
Crude oil is the most important commodity for emerging industrial markets such as China, India and Latin America and thus greatly influence the price of oil, since they require more and more oil to support their economic growth and a resulting rise in energy consumption.
OIL (WTI) LATEST PRICE Trade Date 12/18/2018
Prev. Close 45.91
Daily High 46.34
Daily Low 45.93
52-week High 76.90
52-week Low 45.79
Crude oil prices could plunge lower
Saudi Arabia has restored half of the crude product that was lost to devastating attacks on its oil industry, and the kingdom said output will be fully restored by the end of this month.
If we don’t see any new drone attackS on Saudi oil infrastructure we could see Crude oil prices going even lower. Before the oil attacks against Saudi oil infrastructure, the Crude oil prices were already heading lower.