|01-13-2015, 03:17 PM||#1|
Crude oil dips below $45 on supply glut concerns
Oil prices extended its sharp decline on Tuesday, reaching its lowest level in six years below $45 a barrel, as ongoing concerns over a glut in global supplies drove down prices.
UAE Energy Minister Suhail al-Mazrouei said that the Organization of the Petroleum Exporting Countries will stick to its decision to keep oil output unchanged; pointing out that the glut of oil supply is caused by oil shale.
Despite the increase in China’s imports of crude oil, considering China the second largest energy consumer in the world, that did not prevent prices from falling, which are expected to continue declining below $40 a barrel in the near future.
Crude oil lost 2.70% at 08:29 GMT, trading around 44.83.
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