Crude-oil futures plummet by 6.7%

Crude fell to the lowest level in a year and a half as concerns over the global economy and turbulence in Washington overshadowed signals from OPEC that it may deepen output cuts.

Futures slid 6.7 percent Monday in a shortened Christmas Eve session in New York, joining a rout in U.S. stocks. The latest tumble left crude prices down 44 percent since reaching a four-year high in October. Prices have fallen 19 percent since OPEC and Russia announced major output cuts earlier this month.

The Organization of the Petroleum Exporting Countries and its allies agreed Dec. 7 to cut production, but they’ve had little success so far in propping up prices. The United Arab Emirates’ energy minister signaled that additional curbs could be discussed next year. Investors are skeptical the reductions will be sufficient to dent supplies, with U.S. crude output still above 11 million barrels a day.

West Texas Intermediate for February delivery fell $3.06 to $42.53 a barrel at settlement on the New York Mercantile Exchange. Total volume traded Monday was about 30 percent below the 100-day average. West Texas Intermediate peaked near $77 a barrel in early October.

Brent crude for February settlement dipped $3.35 to $50.47 a barrel on London’s ICE Futures Europe exchange. The global benchmark crude traded at a $7.94 premium to West Texas Intermediate.