Oil prices nosedive on signs of oversupply ...News

Benchmark Brent has been trading below $80 for the first time since February Crude prices plunged more than 3% on Monday to multi-month lows as investors are anticipating signs of imminent oil oversupply following OPEC’s latest complex output decision. Global benchmark Brent crude was down 3.5% on Monday, at $78.29 a barrel as of 19:33 GMT. It marks the first time that Brent has been trading below $80 since February. The US crude benchmark, West Texas Intermediate (WTI), was also down over 3.7% at $74.14 per barrel. “Most of it is due to the OPEC meeting and concerns about more oil coming to the market in general,

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