Monday , October 3 2022

Oil Falls 1%, Crude Oil Reaches The Largest Lost Loss Since 1984



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Oil prices fell about 1% on Friday as global supply rose and investors are afraid that oil demand will slow down and crude oil in the US will hit the largest daily loss since 1984, according to Reuters.

Brent crude oil has declined for the first time since early April with $ 70 a barrel and has fallen by nearly 20% since its four-year rise in early October.

Brent's crude oil fell 47 cents, or 0.7 percent, to settle at $ 70.18 a barrel. Gross fell by 3.6% a week and over 15% this quarter.

US West Texas Intermediate crude futures declined for the tenth consecutive day, the biggest loss since July 1984, according to figures.

US crude oil fell 48 cents, or 0.8 percent, to finish at $ 60.19 a barrel, after dropping below $ 60 a barrel at a low eight-month low.

The US crude was $ 59.26 an ounce, down $ 1.14, down more than 22 percent from the peak in October.

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