Oil Prices Sink To Lowest In A Year As Stock Markets Fall

Oil prices fell about 3% on Dec. 20, hitting their lowest in more than a year on worries about oversupply and the outlook for energy demand as a U.S. interest rate rise knocked stock markets.

Brent crude futures fell $1.53 to $55.7/bbl, a 2.7% loss, by 10:55 a.m. EST (1555 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $1.55 to $46.62.bbl, a 3.2% loss.

Brent earlier hit a session low of $54.64/bbl, the weakest since mid-September 2017, while WTI sank to $45.82, near its lowest since late August 2017.