Oil prices are heading to close 2014 with its biggest decline since 2008 and the second largest annual decline since oil futures began trading in 1980.
The price of a barrel of oil reversed its registered Monday morning hikes and ended with losses of more than a dollar at lows not seen in the market since May 2009.
In the early hours of the session, news of more damage to the oil infrastructure in Libya drove the rebound early in prices, but were quickly countered by fears of excess offer outweighed concerns over potential cuts production in the OPEC member.
The benchmark Brent crude contract fell $ 1.57 to settle at 57.88 dollars a barrel. The barrel of WTI benchmark US lost $ 1.12, to stay at $ 53.61, thus accompanying the downward trend of Brent.
The rising prices earlier and the subsequent fall shows that fears of oversupply will not leave the market, according to Gene McGillian, senior analyst at Tradition Energy in Stamford, Connecticut. “Every time the market tries to rebound, comes another selloff” he said.
Deposits of oil in the Libyan port of Es Sider take days burning, after a rocket will impact one of them, staff. told
Libya is producing 128,000 barrels of oil per day, an officer, below the 1.6 million bpd produced before the overthrow of Muammar Gaddafi said.
The Marketplace You could test the technical support level at $ 50 a barrel, said Brian LaRose, an analyst at United-ICAP.
Oil prices are moving to close the year with its biggest decline since 2008 and the second largest annual decline since oil futures began trading in 1980.
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