Oil prices in Asia extend slide on US production

Business Economy Finance
(Last Updated On: January 6, 2016)

Oil prices resumed their slide in Asia on Monday as a spurt in the number of US oil rigs in use and the prospect of renewed crude exports from the country compounded a global oversupply.

Oil prices in Asia extend slide on US productionAt 0335 GMT, US benchmark West Texas Intermediate for January delivery was down 20 cents at $34.53, sitting at lows not seen since the height of the global financial crisis at the start of 2009.

European benchmark Brent crude for February was down 33 cents at $36.55.

Prices have slumped by almost a fifth since December 4 when the Organisation of Petroleum Exporting Countries (OPEC) oil producers’ group decided against the limition its production, despite tepid demand and the supply glut.

Read full article: DNA India

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