24/11/2018
Oil prices tumbled to their lowest level in 2018 today during a volatile session by signs of oversupply amid bleak economic prospects.
Brent crude futures fell to their lowest level since December 2017 at $ 61.52 a barrel before recovering to record $ 61.88 a barrel by 0622 GMT.
This level is still down 72 cents, or 1.2 percent, from the previous close.
US West Texas Intermediate crude futures fell 2.5 percent to reach $ 53.29 a barrel, after it was five cents from the lowest level since October 2017, which it recorded earlier in the week.
Overall, the supply of crude in global markets has increased this year.
The increase in production comes at a time when demand is slowing as the global economy slows.
