|01-05-2015, 11:19 PM||#1|
Crude oil at lowest in five years amid oversupply worries
Oil prices slid to the lowest level in more than five years on Monday as ongoing concerns over a glut in global supplies continued to weigh on the market sentiment.
This decline comes as a result of high rates of production from Russia and Iraq, which pressured prices, in light of the continued weak demand in the face of growing supply.
Iraq is planning to raise its exports of crude during the current month to 3.3 million barrel a day, compared with exports in last December at 2.9 million barrel a day.
Pressure on prices will continue in light of the ongoing escalation of oil flows with the continued weak demand rates. These factors are likely to keep oil prices close to its current levels for the coming period.
Brent oil for February delivery dipped by 1.78% to $51.77 a barrel at 08:29 GMT.
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|الذين يشاهدون محتوى الموضوع الآن : 1 ( الأعضاء 0 والزوار 1)|
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