WTI and Brent prices plunge 6%

Oil prices plunged more than 6% to the lowest level in more than a year yesterday, pulling back sharply late in the session as fears of an economic slowdown rattled the market.

WTI and Brent hit their lowest levels since 2017 during the session, putting both benchmarks on track for losses of about 40% in the fourth quarter.

U.S. crude futures have hit the lowest level since June 22, 2017, as jitters have grown about the impact of the escalating U.S.-China trade dispute on global growth and crude demand. Brent crude is at its lowest level since August 17, 2017.

U.S. crude futures settled at $42.53 a barrel, down $3.06 (6.7%). Brent crude futures settled down $3.35 (6.2%) at $50.47 a barrel, Reuters reported.

Brent fell 11% last week and hit its lowest level since September 2017, while U.S. futures slid to their lowest level since July 2017, bringing the decline in the two contracts to more than 35% for the quarter.