Brent Crude Oil Back at Lowest Level Since October 2017: Chart

Oil extended declines, with Brent crude falling to its lowest intraday level since October 2017. Despite a move by the Organization of Petroleum Exporting Countries and its allies to cut output earlier this month, crude markets have been gripped by a sell-off in global equities and surging output in nations outside of OPEC, most notably the U.S. As a result, the global benchmark has fallen from a high of as much as $86.74 a barrel in early October to as low as $57.20 on Tuesday.