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31 Dec 2014
Crude oil hits fresh multi-year lows
FXStreet (Córdoba) - Oil prices extended its decline during the last trading day of the year amid oversupply concerns.
Crude oil fell more than 2% and hit a fresh 5-year low of $52.68 a barrel before recovering somewhat. Oil is trading at $53.35/bbl, still on track to post a 43% loss in 2014, its biggest annual decline since 2008, as the OPEC refrained from cutting output to keep the price high.
The latest US government report on oil inventories showed stockpiles decreased by 1.8 million barrels during the last week. On the other hand, the American Petroleum Institute reported Tuesday US crude inventories rose by 760,000 barrels last week versus expectations of a 100,000 barrels decline.
Crude oil fell more than 2% and hit a fresh 5-year low of $52.68 a barrel before recovering somewhat. Oil is trading at $53.35/bbl, still on track to post a 43% loss in 2014, its biggest annual decline since 2008, as the OPEC refrained from cutting output to keep the price high.
The latest US government report on oil inventories showed stockpiles decreased by 1.8 million barrels during the last week. On the other hand, the American Petroleum Institute reported Tuesday US crude inventories rose by 760,000 barrels last week versus expectations of a 100,000 barrels decline.