(MENAFN) Oil prices has once again declined beneath USD30b a barrel, which is severely hurting Asian markets especially energy firms, with Japan leading the pack followed by Hong Kong.
The drop in oil prices to 12-year lows has sent shudders through world markets, helping wipe trillions of dollars off share valuations and even increasing speculations of recession.
Shifting to the US, the benchmark West Texas Intermediate deteriorated more than 11 percent in the past couple of days to fall back through the USD30 level for the first time since January-21.
Basically, crude prices have tumbled a staggering 75 percent since mid-2014, hammered by a perfect storm of oversupply, weak demand, overproduction, a plunging global economy and a strong dollar.
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