US oil price hits six year low
 March 17, 2015
 Written by:

LONDON  – New York oil prices sank to a six-year low on Monday, falling below $44 per barrel as the market was plagued by plentiful supplies and the strong dollar.

In earlier deals, US benchmark West Texas Intermediate (WTI) for April delivery dived as low as $43.
57 — hitting the lowest since March 12, 2009.
The contract later recovered slightly to stand at $44.
40, down 44 cents from Friday's closing level.
European benchmark Brent North Sea crude for April fell 79 cents to $53.
38 a barrel in midday London trade.

Singapore-based Phillip Futures said "with fundamentals remaining unchanged, we hardly find a reason for crude oil to break higher or even lower".

Crude prices lost some 60 percent of their value to decline to about $40 per barrel between June and late January owing to an oversupply in world markets, a weak global economy and the soaring dollar. Prices have since rebounded following a slowdown in US oil-drilling activities, but analysts say volatility is likely to continue for some time.

A stronger US dollar makes dollar-priced oil more expensive for buyers using weaker currencies, denting demand.

  • Issue: *
  • Your Name: *
  • Details: *
  •            
           
     335 Views

    Discuss this post ?

    Your email address will not be published. Required fields are marked *

    *

    *

    Subscribe to Newsletter