US crude plunges below USD 31 pb
Date
1/11/2016 10:07:35 PM
(MENAFN- Kuwait News Agency (KUNA)) NEW YORK Jan 11 (KUNA) -- US crude oil futures plunged USD 2.8 to reach as low as USD 30.88 per barrel the lowest since 2003.According to New York Mercantile Exchange (NYMEX) the Crude oil future quotes opened at USD 32.94 and displayed its highest trade at USD 33.20 to dip again later to reach USD 31.14 at (3:30 p.m. New York time).The global crude market is expected to become more oversupplied as soon as this month if sanctions are lifted on Iran allowing the country to increase its oil exports confirmed the Dow Jones Business News."Oil production outpaces demand globally even though producers have already cut billions in spending and sharply reduced new drilling" it added.Furthermore the Brent futures has also dropped USD 1.71 to reach USD 31.45 as its highest was registered by NYMEX to be USD 33.38 and lowest USD 31.21 per barrel. (end) mao.bs
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.