The light, sweet oil price for February fell more than $3 in a shortened trading session on the New York market Dec. 24. Crude settled at $42.53/bbl—the front-month’s lowest closing since June 21, 2017. Analysts blamed the plunge on volatile US stock markets and ample oil production. US crude oil future prices have dropped some 40% since reaching 5-year highs in early October.

Source: News