Tuesday, 12 January 2016
US crude oil prices approach 20% fall since beginning of the yr
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US crude prices continued a relentless dive early on Tuesday approaching a 20 percent drop since the beginning of the year as analysts scrambled to cut their 2016 oil price forecasts and traders bet on further price falls.
US crude West Texas Intermediate (WTI) CLc1 were trading at USD 31.34 per barrel at 0805 GMT on Tuesday, down 7 cents from their last settlement and almost 19 percent lower than at the beginning of the year.
WTI has shed over 70 percent in value since the downturn began in mid-2014. Trading data showed that managed short positions in WTI crude contracts, which would profit from a further fall in prices, are at a record high, implying that many traders expect further falls.