27 Jul 2015
Oil extends losses to fresh 4-month lows
FXStreet (Córdoba) - Oil prices have continued to move lower during the American session, stretching to a fresh 6-month low over the last minutes and on track to post its eighth loss in nine days.
Concerns of a slowdown in China has kept crude under pressure on Monday following the worst one-day selloff in Shanghai composite since 2007.
Crude oil has been in a bearish trend over the last months, having lost more than $60 per barrel from 2014 highs amid global supply glut, which was aggravated by data released Friday from Baker Hughes, which showed that the number of oil-drilling rigs in the US increased in the latest week.
The barrel of West Texas Intermediate fell more than 2% on Monday and scored its lowest level since March at $47.05. At time of writing, oil was trading at $47.11 a barrel, down 2.20% on the day.
Concerns of a slowdown in China has kept crude under pressure on Monday following the worst one-day selloff in Shanghai composite since 2007.
Crude oil has been in a bearish trend over the last months, having lost more than $60 per barrel from 2014 highs amid global supply glut, which was aggravated by data released Friday from Baker Hughes, which showed that the number of oil-drilling rigs in the US increased in the latest week.
The barrel of West Texas Intermediate fell more than 2% on Monday and scored its lowest level since March at $47.05. At time of writing, oil was trading at $47.11 a barrel, down 2.20% on the day.