Jan 7, 2016
Oil hits 11-year low; Saudi-Iran tensions wipe out possibility of production cut
Oil woe continues in the current year as Brent crude fell below $35 a barrel for the first time in 11 years yesterday. Brent crude sank by 4.2% to $34.88 a barrel, surpassing its late December fall, and taking the price to its lowest level since 1 July 2004. The price of US crude dropped 3.3% to $34.77 a barrel. Oil further dropped today hitting $32.62 a barrel on rising US stockpiles and devaluation of the Chinese yuan. US WTI was down 3.9%, the lowest since the $32.40 level touched in December 2008. Oil price had rallied briefly on Monday following supply concern which was primarily the result of the Saudi-Iran face-off.
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