Crude posted the biggest decline in eight weeks as a risk-off sentiment spread through global markets. Futures tumbled 3% in New York on Oct. 11. Investors eyed a sixth day of U.S. equity losses along with heightened volatility.
Crude rose to a one-week high July 10 on concern shrinking U.S. crude stockpiles will exacerbate wide-ranging global supply disruptions.
Crude soared above $75 a barrel in New York for the first time since 2014 on signs global supply outages outweigh OPEC’s pledged production rise.
Crude popped above $65 a barrel for the first time in more than three years after U.S. crude stockpiles fell for a 10th week in the longest stretch of declines on record.
U.S. crude production will soar to a record this year before rising even more in 2019, according to a government forecast published Jan. 9.