Oil Down Almost 10% In 2 Days As Hunt For Bottom Continues


NEW YORK, Jan 6 (Reuters) - Global oil markets slumped for a fourth straight session on Tuesday, as mounting worries about a supply glut pressured crude prices, which are down almost 10 percent this week to hit their lowest since spring 2009.

Traders said the trend for crude seemed lower, but prices could bounce up whenever there is a break in market sentiment. One such moment occurred on Tuesday when weaker-than-expected U.S. economic data briefly suppressed the dollar. This brought crude off session lows, but only for an about an hour before the downward path resumed.

Refined products such as gasoline and heating oil also bounced up briefly in morning trade, rallying as investors took profits on short positions. But products later succumbed to the trend, and gasoline settled 2 percent down.

Crude oil prices have plunged more than 55 percent since June, when benchmark Brent traded above $115 a barrel and U.S. crude above $107.

In Tuesday's session, Brent settled down $2.01 at $51.10 a barrel. It came close to testing the $50 support, falling to a May 2009 low of $50.52.

In the first two days of this week, Brent has lost $5.32, or almost 10 percent.

U.S. crude finished down $2.11, or 4.2 percent, at $47.93, after plumbing an April 2009 low at $47.55.


View Full Article

Copyright 2017 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Coordinator
Expertise: Project Management
Location: Los Angeles, 
Artificial Lift Systems - Sales Representative V
Expertise: Sales|Wireline
Location: Midland, TX
Business Development Specialist
Expertise: Business Development|Sales
Location: Midland, TX
search for more jobs

Brent Crude Oil : $55.14/BBL 0.61%
Light Crude Oil : $49.48/BBL 0.86%
Natural Gas : $3.12/MMBtu 0.95%
Updated in last 24 hours