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The crude oil futures markets in both benchmark petroleum markets were ugly over the final three months of 2018. NYMEX WTI futures dropped from $76.90 per barrel in early October to a low at $42.36 in late December, a decline of 44.97% in a little under three months. At the same time, the price of ICE Brent futures fell from $86.72 to $49.96 or 42.4%.
The substantial move to the downside caused some market participants to worry that the price of the energy commodity was in a path to test levels below the $40 per