By Srinivas Chowdary Sunkara // petrobazaar // 25th Dec, 2018.
Brent hit its lowest level yesterday to settled down at $50.47, after falling $3.35 and WTI lost sharply $3.06 to close down at $42.53 a barrel last night. Both the crude futures plunged above 6 pct during the session and lost 40 percent during the fourth quarter. The spread is narrowed to $7.94 last night.
Markets across all asset classes came under pressure after U.S government shutdown intensified the growth fears. Investors flocked to safe heaven assets like gold and government bonds at the cost of crude and equity after the global stock markets dwindled for the eight straight day on Monday. Oil markets ignored the OPEC cuts as they strongly felt that dampening demand can not accommodate the swelling inventories across the market. Still We can not take the end of the year is an indicative. Let us hope for some support from producers council. Good day.
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