On Monday, the crude oil futures had logged a one day drop that was worst in about three months. This drop had closed at a level which was the lowest in about two years.
So as to settle a barrel at $42.53 February West Texas Intermediate had shed $3.06 which was about 6.7 percent.
According to the FactSet Data, this close is the representative of the lowest and the worst of West Texas Intermediate since 2016.
The appetite for crude has been eroded by the nagging concerns related to the output of crude as well as the slowdown of economy.
The Dow Jones Industrial Average has also been experiencing a fall which was the lowest in its history on Christmas Eve.
The Dow Jones Industrial Average had witnessed a fall of more than 650 points on Monday in the trading session of the Christmas Eve which according to the experts was its poorest performance in the history of the country.
On the 21st of December which was a Friday, the S&P 500 index also witnessed a fall by more than 2 percent which had then paved the way for the index towards its fifth Levy flight in the current fiscal year.
This Levy flight of the S&P 500 index has therefore shifted the concerns of the investors around the globe to the distant quarters of the upcoming fiscal year which are the third and the fourth quarters of 2019.
The looking aspect witnessed a shift from the first quarter.
The energy complexes elsewhere are also down when the natural gas witnessed a fall of 34.9 cents which was equivalent to 9.2 percent.
Gasoline also witnessed a drop of 5.3 percent thereby settling at $1.2488 per gallon. This was the lowest settlement of it since the 29th of February of 2016.
Source: Market Watch, The Load Star
