Commodity Tips >> Crude oil prices sink 1% amid global market plunge, US output spree
Crude oil futures extended falls from the previous session on Tuesday, with the Brent benchmark dropping 1 percent as global financial markets headed south in the wake of Wall Street's biggest one-day decline since 2011.
Brent crude futures were at $66.95 per barrel at 0148 GMT, down 67 cents, or 1 percent, from the previous close and more than $4 below their high point for 2018, hit last month. US West Texas Intermediate (WTI) crude futures were at $63.48 a barrel. That was down 67 cents, or 1 percent, from their last settlement, and more than $3 off their 2018 high.
Financial markets went into a tailspin on Monday when US stocks plunged in highly volatile trading which saw the Dow Jones Industrial Average tumbled by almost 1,600 points in intra-day trading as investors grappled with rising bond yields and potentially firming inflation. “Suddenly, inflation has become one of the most-talked-about issues in markets,” US bank JP Morgan said in a note to clients. However, the correction in oil is more than a reaction to a sell-off in financial markets.
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