Crude Oil on Course to New Annual Lows as Bears Target Early $60 Levels

Commodities Analysis by Investing.com (Damian Nowiszewski) covering: Crude Oil WTI Futures. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com

For less than $8 a month, InvestingPro's Fair Value tool helps you find which stocks to hold and which to dump at the click of a buttonSeveral factors are fueling this downward trend that started back in July. Concerns about economic growth in the U.S. and China are playing a big role.

Given these factors, oil prices may continue to head lower, reflecting growing pessimism about the economic outlook in the world’s two largest economies.OPEC+, which controls about 40% of global oil production, traditionally wields significant influence over the oil market. In Libya, internal political conflict has drastically cut oil production from 1 million to 450,000 barrels per day.

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