West Texas Intermediate and Brent crude extended declines into an
eight week after the United Arab Emirates said it will stick with plans
to expand production in the next two years despite a global supply glut
that has slashed the market by more than a half. Expectations for a jump
in US crude oil supplies offset a hefty gain in Chinese crude imports.
Natural gas rebounded from the lowest in two years.
US crude for delivery in February slid 3.00% to $44.69 per barrel by 13:42 GMT, having earlier fallen to $44.20, the lowest since April 2009. The contract fell 4.74% yesterday to $46.07, the lowest settlement since the same month.
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US crude for delivery in February slid 3.00% to $44.69 per barrel by 13:42 GMT, having earlier fallen to $44.20, the lowest since April 2009. The contract fell 4.74% yesterday to $46.07, the lowest settlement since the same month.
Read more Click Here / www.trade4x.net
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