Oil plunge

One thing that is keeping the pressure on global stock benchmarks is the plunge in oil prices.

West Texas Crude futures have dropped more than 8% in the last three sessions, with a barrel for January delivery falling as low as $47.84 this morning. Brent crude is at the lowest level since October 2017.

The sell-off is being driven by worries over increasing U.S. shale supplies, doubts over how effective the implementation of the latest OPEC+ cuts will be, and weak sentiment as global equities fall.

Source: Bloomberg