Light, sweet oil prices fell more than $3/bbl on New York market Dec. 18 with the January contract settling at $46.24/bbl, the front-month’s lowest closing since Aug. 30, 2017. Analysts blamed the steep drop on concerns that oil production is overtaking oil demand growth.

US crude oil future prices have dropped about 40% and Brent crude oil prices on the London market have dropped about 35% since reaching 5-year highs in early October. On Dec. 18, the Brent contract for February delivery dropped more than $3/bbl to settle below $57/bbl.

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