Oil Slumps to 4-yr Low as Brent Crashes Below $80 a Barrel

Reuters

NEW YORK, Nov 13 (Reuters) - Oil prices slumped more than 3 percent to four-year lows on Thursday, with benchmark Brent crashing below $80 a barrel, after a stockpile surge at the delivery point for U.S. crude frayed nerves of traders already worried about an oil glut.

The decline compounded Wednesday's losses stemming from comments by Saudi Arabia's oil minister that showed little will by the kingdom to cut output when the Organization of the Petroleum Exporting Countries meets on Nov. 27.

Brent settled down $2.46, or 3.1 percent, at $77.92 a barrel, after plumbing a September 2010 low of $77.83.

U.S. crude finished down $2.97, or 3.9 percent, at $74.21. In post-settlement trade, it went as low as $74.07, also a trough from September 2010.

Futures of U.S. gasoline blendstock RBOB and heating oil fell to four-year lows too, with gasoline breaching the $2-per-gallon mark.

Crude prices, which have slumped some 30 percent since June on fears of an oversupplied market, plunged below support levels of $80 a barrel for Brent and $75 for U.S. crude.

Some market analysts think U.S. crude is on course to break below $70 a barrel.


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Brent Crude Oil : $44.82/BBL 2.60%
Light Crude Oil : $42.53/BBL 1.61%
Natural Gas : $2.89/MMBtu 0.68%
Updated in last 24 hours