MTECHTIPS:-NYMEX crude falls in Asia, weekend OPEC comments brushed off. Investors sold crude oil futures early Monday in Asia with an over supplied market the main driver. On the New York Mercantile Exchange, crude oil for delivery in January tumbled to $56.77 a barrel, down 1.66%. It ended Friday at $57.81 a barrel, after hitting a daily low of $57.40, the weakest level since May 2009. The head of OPEC said on Sunday the group had no target price for oil, signaling no change to a policy to maintain production levels which has contributed to sharp falls in the price of crude, unnerving global markets. Speaking at an event in Dubai, Abdullah al-Badri said the oil price, which dropped to a succession of five-year lows in recent days, had fallen further than market fundamentals should have dictated. Last week, oil prices continued to tumble on Friday, to hit the lowest level since 2009, as investors piled on to their short positions in anticipation of lower prices into the new year amid concerns over a growing supply glut. On the ICE Futures Exchange in London, Brent for January delivery hit a session low of $61.35 a barrel, a level not seen since July 2009, before settling at $61.85, down $2.21, or 3.48%. On the week, the January Brent contract plunged $7.22, or 10.45%, the third consecutive weekly decline. The International Energy Agency, the Organization of the Petroleum Exporting Countries and the U.S. Energy Information Administration all cut their estimates for oil-demand growth during the week, fuelling concerns over a slowdown in global demand. WWW.MTECHTIPS.COM 07489294118-119
Posted on: Mon, 15 Dec 2014 09:52:43 +0000
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