The price of crude fell today below the symbolic threshold of $ 50 a barrel, for the first time since October 2017, due to worries about global growth and, consequently, demand.
At the New York Mercantile Exchange (Nymex), the January deliveries for lightweight declined by $ 1.32 (-2.36%) to close at $ 49.88 a barrel.
Oil prices had fallen back below $ 50 in late November, during the session, but then rebounded again. Oil prices "began to decline after the downward trend in Wall Street trading," said ClipperData analyst, Matt Smith. "In an already vulnerable market, any indication of slowing growth in the coming months" affects oil demand, he recalled.
Recently, the rise in US oil from shale and the likely fall in global fuel demand has damaged market confidence despite OPEC and its partners' efforts to balance the price of black gold, analyst at Phillip Futures Benjamin Lou said,.