by Joseph Rokop
President and Founder
Oil prices broke Tuesday, trading down on the day, as the crude global benchmark broke below 60 dollars per barrel, settling near the one-year low. Crude was pulled lower by concerns of a slowing global economy, lower future demand rates, and a strong U.S. dollar.
The WTI January contract fell 7 cents on Tuesday settling at 51.56. The Brent January contract fell 27 cents, settling at 60.21. Both contracts have seen high volatility this month, as the WTI January contract broke 7.7 percent on Friday, marking the largest one-day drop since mid-2015. Crude proceeded to bounce 2.4 percent on Monday.
The crude fundamental suite is currently being pushed around by a slew of micro and macro fundamental economic factors: