Commodity Closing – Europe/Oil-Gas Majors 20.12.18
NEW YORK – Oil prices fell about 3 percent on Thursday, hitting their lowest in more than a year on worries about oversupply. The outlook for energy demand as a U.S. interest rate rise knocked stock markets also affected sentiment. Brent crude futures fell $1.53 to $55.71 a barrel, a 2.7 percent loss, by 10:55 a.m. EST (1555 GMT). U.S. West Texas Intermediate (WTI) crude futures also fell $1.55 to $46.62 a barrel, a 3.2 percent loss. Brent earlier hit a session low of $54.64 a barrel, the weakest since mid-September 2017, while WTI sank to $45.82, near its lowest since late August 2017. Meanwhile in the metals complex, London aluminum prices sank to a 16-month low after the U.S. Treasury’s announcement will lift sanctions on the core empire of Russian businessman Oleg Deripaska, which includes aluminum giant Rusal. the move effectively waters down the toughest penalties imposed since Moscow’s 2014 annexation of Crimea. Shares in Rusal, the world’s largest aluminum producer after China’s Hongqiao, surged to an eight-month high while the base metal slid in London trade.