The oil prices fell to their lowest levels of the year. Excess oil supply and the increased rate of interest by the US fed is said to be the reason for this.
Thursday's day ended with the U.S. West Texas Intermediate crude down to $2.29 which is 4.8 percent.
Brent crude has fallen $2.89 which is 5 percent. It is its weakest value since mid-September 2017. In 2019, Brent has come down nearly by 19%.
In India, crude oil imports in November was the lowest since the last four years. Asian oil buyers purchased most of the oil from Saudi Arabia when it cut down its prices in January this year.
Today morning the stock market and commodities gain some value. But came down swiftly around the noon. There was a pullback in the market.