Thursday, 14 January 2016

Brent falls to another 12-year low on oversupply gloom

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Crude oil fell in Asian trade on Thursday, with Brent marking another 12-year low amid gloom over a world awash with supply and concerns about global economic growth hitting equity markets.

 Brent dropped as far as USD 29.73, the lowest since February 2004 and down more than 1.5 percent. It was down 47 cents at USD 29.84 a barrel at 0145 GMT and the contract has fallen every trading this year. 

West Texas Intermediate (WTI) CLc1 erased earlier gains and was down 12 cents at USD 30.36 a barrel. It settled at USD 30.48 on Wednesday, up 4 cents, the contract's first gain in 2016.

 It was the second time in two days for Brent, the global benchmark, to drop below USD 30 a barrel after WTI fell below that mark on Tuesday, before recouping some of the losses. 

"Perhaps USD 30 or just slightly below is acting as a little bit of a floor, but that being said that's a straw in a hay barn in terms of positivity," said Ben le Brun, market analyst at OptionsXpress in Sydney. "The rest of the news is decidedly negative about oil," he said.

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