8 Dec 2014
Oil hits fresh 5 ½-year low
FXStreet (Córdoba) - Oil prices extended losses to fresh multi-year lows Monday as concerns about the health of the global economy weighed on commodity prices.
Disappointing Chinese trade data and Japan GDP contributed to set the risk off environment. Prices continued to decline following a Morgan Stanley report that revised its oil price forecasts lower.
Crude broke below $64 a barrel and hit its lowest level since June 2009 at $63.09/bbl. At time of writing, crude is trading at $63.20, recording a 4.01% loss on the day.
Crude prices have declined about 40% from June highs amid overproduction and slow growth in consumption.
Disappointing Chinese trade data and Japan GDP contributed to set the risk off environment. Prices continued to decline following a Morgan Stanley report that revised its oil price forecasts lower.
Crude broke below $64 a barrel and hit its lowest level since June 2009 at $63.09/bbl. At time of writing, crude is trading at $63.20, recording a 4.01% loss on the day.
Crude prices have declined about 40% from June highs amid overproduction and slow growth in consumption.