12 Jan 2016
WTI falls below $30.00 a barrel, hits fresh 12-year lows
FXStreet (Córdoba) - Oil prices have continued to move lower on Tuesday, with the US benchmark falling briefly below $30.00 a barrel for first time since December 2003.
West Texas Intermediate oil for February delivery on the New York Mercantile Exchange fell more than 4% to a low of $29.93. The benchmark has lost almost 20% so far this year.
Brent crude was trading at $30.86 a barrel, 3.22% down, after hitting a low of $30.40.
Concerns over a global supply glut coupled with concerns about the economy, with China in the eye of the storm, and a strengthening dollar are among key drivers pressuring oil prices nowadays.
West Texas Intermediate oil for February delivery on the New York Mercantile Exchange fell more than 4% to a low of $29.93. The benchmark has lost almost 20% so far this year.
Brent crude was trading at $30.86 a barrel, 3.22% down, after hitting a low of $30.40.
Concerns over a global supply glut coupled with concerns about the economy, with China in the eye of the storm, and a strengthening dollar are among key drivers pressuring oil prices nowadays.