US oil prices plummet to around $36 a barrel, the weakest level in nearly three months, after Saudi Arabia sends an ominous signal
US oil prices plummeted 9% Tuesday, their worst day since mid-May. Oil dropped to a low of $36.13 a barrel, the weakest level in nearly three months. Brent crude, the world benchmark, fell below $40 a barrel for the first time since late June.The fierce selling in the energy market is being driven largely by rising concern about how much crude the fragile world economy needs. With Labor Day in the rearview mirror, summer driving season in the United States is over.
Weak air travel is depressing demandThe pandemic, along with a price war between Russia and Saudi Arabia, caused oil prices to implode this spring. US oil prices even briefly turned negative for the first time ever, bottoming at -$40 a barrel. But unprecedented production cuts from OPEC and Russia helped trigger a V-shaped recovery in the energy market. Just seven weeks after bottoming, US crude returned to $40 a barrel.
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