Thursday, 31 December 2015
Oil ends 2015 in downbeat mood, hangover to be long and painful
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Oil prices opened the final trading session of 2015 in a downbeat mood after record US crude inventories reinforced concerns over a global supply glut that has pulled down prices by a third over the past year.
Crude inventories in the United States, the world's largest petroleum producer, rose 2.6 million barrels last week, the US Energy Information Administration said.
Analysts polled by Reuters had expected a draw of 2.5 million barrels. Crude prices held losses after falling 3 percent in the previous session, with US West Texas Intermediate (WTI) crude futures CLc1 trading around USD 36.70 per barrel in early Asian hours on Thursday and Brent opening around USD 36.60 per barrel.
The immediate outlook for oil prices remains bleak, with some analysts like Goldman Sachs saying prices as low as USD 20 per barrel might be necessary to push enough production out of business and allow a rebalancing of the market.