Oil sinks to 15-month low on rising US, Russian output [CNBC]
Comcast Corporation - Class A (CMCSA)
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Source: CNBC
Spencer Platt | Getty Images Oil pumpjacks in the Permian Basin oil field are getting to work as crude oil prices gain. Oil prices sank to a 15-month low on Tuesday as the United States and Russia continue to pump at record levels ahead of planned output cuts by OPEC and its allies. U.S. West Texas Intermediate crude fell about 4 percent to a 15-month low at $47.84 overnight, after slumping 2.6 percent in the previous session. WTI was last down 68 cents, or 1.4 percent, at $49.20 a barrel. Brent crude , the international benchmark for oil prices, tumbled to a nearly 14-month low at $57.20 on Tuesday. It was trading 67 cents, or 1.1 percent, lower at $58.94 a barrel. From peak to trough, WTI has lost nearly 38 percent of its value since hitting a roughly four-year high in early October. Brent has fallen as much as 34 percent during that period. show chapters This month, oil output from U.S. shale fields is set to
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