Oil Commodity Outlook: Crude falls on rising US crude production

Crude Oil markets declined on Wednesday led by surging U.S crude production and concerns of an economic slowdown in 2019.

Brent crude futures trade at USD 53.65 per barrel, down 0.3%, from their last close of 2018. US WTI spot crude oil futures were at USD 45.34 per barrel, down 0.1%. Looking for the year, US WTI futures plunged about 25%, while Brent fell nearly 20%.

Oil prices settled in 2018 with losses for the first time since 2015, following a random fourth quarter that witnessed buyers take off the market over growing concerns about a supply glut.

Meantime, all focus will be on the constant surge in U.S output and on OPEC’s and Russia’s supply regulation.

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