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MTECHTIPS;-Oil Prices Plunge Further into Bear Market as Effectiveness of OPEC Cut Questioned
MTECHTIPS-Oil prices plummeted around 4% on Tuesday, falling deeper into a bear market, as markets became increasingly worried that supply will outstrip waning demand and OPEC reportedly remained undecided on the size of A production cut. New York-traded West Texas Intermediate crude futures slumped $2.36, or 4.13%, at $54.84 a barrel by 11:02 AM ET (16:02 GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., sank $2.62, or 3.92%, to $64.17. With Tuesday’s decline, U.S. crude hit its lowest level since October 2017 and has fallen nearly 30% from the four-year high reached this year on Oct. 3. Investors remain concerned that a global economic slowdown will dampen demand even as key producers -- mainly the U.S., Saudi Arabia and Russia -- continue to ramp up production. According to the oilfield services firm Baker Hughes, the U.S. rig count rose by 2 to 888 last week, the highest level since March 2015. The latest data from the U.S. Energy Information Administration showed that U.S. crude production hit a record 11.7 million barrels per day (bpd), marking an increase of more than 20% since a year earlier
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