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- Oil: Prices drop to new 5 ½ year lows
Oil: Prices drop to new 5 ½ year lows
Brent crude and West Texas Intermediate are trading lower today hitting new lows. WTI slid to USD52.70 in today's trading, the lowest since May 2009 and Crude traded at 5-1/2-year lows as U.S. stockpiles are projected to remain at 387 million barrel, the highest for the period since 1982 and a global supply glut overweighs worries about Libya's supply problems.
Oil has slumped about 22 percent since OPEC decided against cutting its production target last month in a fight for market share against U.S. shale drillers. Prices have tumbled almost by 46% this year, the largest annual decline since 2008, amid surging production and slower-than-expected demand growth. Output in the U.S. is the highest in three decades.
Brent Crude declined by -0.74%, currently trading at USD57.45 a barrel. West Texas Intermediate lost -0.65% currently quoted at USD53.26.
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