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Category: WTI

WTI Falls Below $50 a Barrel First Time in 5 1/2 Years

January 05, 2015 Posted by Chris Wysong

West Texas Intermediate and Brent both fell to prices not seen since 2009, while Russia and Iraq plan on producing record exports this month. WTI Falls Below $50 a Barrel First Time in 5 1/2 Years By: Mark Shenk (Bloomberg) West Texas Intermediate oil dropped below $50 a barrel for the first time since April 2009 as surging supply signaled that the global glut that drove crude into a bear market will persist. WTI slid as much as 5.2 percent in New York. Brent fell below $55 in London for the first time since May 2009. Russias output rose to a post-Soviet high while Iraq, the second-largest producer in OPEC, plans to boost crude exports to a record this month. The price drop accelerated as the dollar climbed against the euro amid investor concern Greece might leave the currency union The market is continuing to price in weak fundamentals in the first half of this year, Mike Wittner, head of oil research at Societe Generale SA in New York, said by phone. Theres also been a return to

Posted in Oil, WTI, Brent
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