Oil falls to lowest level in 3 months

3 hours ago

Oil prices dropped to its lowest level in three months on Monday despite OPEC efforts to cut crude production efforts as a result of continued increase in the number of drilling rigs in the United States.

Hostel International benchmark Brent crude 39 cents, or about 0.8 percent to $ 50.98 a barrel by 0553 GMT, its lowest level since Nov. 30. The crude had closed the previous session down 1.6 percent at $ 51.37 a barrel.

The decline in US crude West Texas Intermediate 45 cents including Iozay 0.9 percent to $ 48.04 a barrel, the lowest level since Nov. 30.

Brent and heading down for the fifth straight day, the longest losing streak of its kind since the fourth of November, which lasted for six days. Crude lost during this wave of 8.8 percent of its value, its worst performance since mid-June in June 2016.

And heading WTI to incur losses for the sixth straight day, losing 9.8 percent.

The falling prices with increased drilling rigs drilling for oil in the United States and the growth of crude inventories in the United States, the largest consumer in the world for a record.