11/9/2018, 9:25 AM (Source: TeleTrader)
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Oil trades in the red, lowest since April

Crud prices traded in the red on Friday with international benchmark Brent falling to the lowest level since April 10 while the West Texas Intermediate (WTI) declined to the lowest value since April 14 as investors remained worried about the rising supply. Meanwhile, both benchmarks lost approximately 20% in value since the beginning of last month despite the new Iranian sanctions.

Market watchers were also still concerned about the global economic outlook, as it is widely anticipated that the economic expansions will slow down in the upcoming period. This, in turn, will greatly impact oil demand and have a negative effect on crude prices.

WTI for December delivery dropped 0.59%, changing hands for $60.30 per barrel at 9:12 am CET while Brent for settlements in January lost 0.23% to trade for $70.45 per barrel at 9:14 am CET.

Breaking the News / VK