West Texas Intermediate and Brent crude extended weekly losses as
OPEC comments that prices may have bottomed out failed to shift focus
from the imminent signs of a global supply overhang. Expectations for a
jump in US crude inventories to a record level further dragged on
prices.
US crude for delivery in March fell 0.24% to $45.04 per barrel by 7:50 GMT, having shifted in a daily range of $45.35-$44.88. The contract slid 0.97% to $45.15 yesterday, the lowest close since March 2009, after it earlier slid to a near 6-year low of $44.35. Prices fell 7.2% last week, an eight weekly decline in nine.
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US crude for delivery in March fell 0.24% to $45.04 per barrel by 7:50 GMT, having shifted in a daily range of $45.35-$44.88. The contract slid 0.97% to $45.15 yesterday, the lowest close since March 2009, after it earlier slid to a near 6-year low of $44.35. Prices fell 7.2% last week, an eight weekly decline in nine.
Read more at Click Here / www.trade4x.net
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