WASHINGTON (dpa-AFX) - Crude oil futures tumbled to settle at their lowest level in about eighteen months on Monday, as concerns over excess supply and falling energy demand continued to push down prices.
Political uncertainty in the U.S. following a partial government shutdown that now looks set to extend into the New Year, and growing concerns about global economic growth added to oil's woes.
Crude oil futures for February ended down $3.06, or 6.7%, at $42.53 a barrel, the lowest settlement since mid 2017. In absolute terms, oil's decline today was the steepest in about three months.
On Friday, oil futures ended down $0.29, or 0.6%, at $45.59 a barrel, after plunging by about 4.8% a session earlier.
Despite recent decision by OPEC and non-OPEC members to cut crude output by 1.2 million barrels per day from January 2019, oil prices have been sliding down consistently.
According to reports, the United Arab Emirates' energy minister Suhail al-Mazrouei said at a news conference on Sunday that OPEC and its allies would hold an extraordinary meeting if output cuts doesn't balance the market next year.
Meanwhile, worries about U.S.-China trade disputes continue to haunt markets across the globe. According to reports, White House trade advisor Peter Navarro has said that the trade war between the U.S. and China would not come to an end in near term.
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