Wednesday 16 January 2019
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business-standard - 2 month ago

Brent oil slides under USD 70

Brent crude oil sank Friday to a seven-month low under USD 70 on surging US energy stockpiles ahead of a weekend meeting of major oil producing nations. In London morning deals, benchmark oil contract Brent North Sea crude for delivery in January slumped to USD 69.13 per barrel, the lowest level since April. New York s West Texas Intermediate (WTI) for December tanked to USD 59.28 to hit a February low. The US benchmark had overnight entered a technical bear market, meaning that WTI has now lost 20 percent from its most recent peak last month. The fresh plunge comes as representatives from OPEC and non-cartel members prepare to meet Sunday in Abu Dhabi to discuss a possible output cut to protect their revenues amid slumping prices. Since hitting four-year highs last month, crude prices have slumped on rising production, Chinese economic growth fears, and easing concerns about the impact of sanctions on Iran. Sentiment took another hammering overnight after the US Department of Energy .

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