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Oil Prices Drop Friday after 4 Year High in October

oil prices

Crude oil fell below $60 for the first time since March.

Oil prices hit a six-month low on Friday afternoon as global stocks closed on their biggest drop in two weeks. According to reports, Benchmark Brent crude oil fell below $60 for the first time since March after entering a bear market on Thursday.

Some investors may be worried about the possibility of slowing fuel demand, putting U.S. crude on track for the longest stretch of daily declines since 1984.

In October producer prices reportedly rose more than expected in the U.S. and at their fastest pace in six years. The Fed held interest rates steady but appeared to remain on track to raise its key interest rate next month.

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Tags: , , Last modified: November 12, 2018