Brent crude oil plummeted 7.63% yesterday to $48.08 and West Texas Intermediate fell 8.42% to $49.62. Oil has been on a downward spiral since July this year, when Brent closed at a peak of $146.60 and WTI at $145.29 on July 3.
Yesterday’s Brent price was 33% lower than a month ago, when it traded at $72.03 on October 20. WTI fell by the same percentage over the month.
Whether the...