Crude tumbles to nine-month lows on economic weakness

Lower oil demand and seasonal maintenance at refineries has put pressure on the oil price

Crude futures fell in April as increased pessimism over the global economic outlook, lower oil demand and seasonal maintenance at refineries put pressure on prices. Brent and WTI were trading at around $100/b and $89/b respectively on 22 April. On 13 April Brent prices fell below $100/b for the first time since July 2012 on signs of slowing economic growth and sluggish crude demand. WTI slipped to $86/b, a four-month low, on expectations that the US would stockpile crude. The Organization of Petroleum Exporting Countries (Opec) basket of 12 crude grades, which is used as a reference by the organisation, also fell below $100/b for the first time since July. The grade, which comprises crude fr