Oil prices remain near their lowest level in seven years in Asian trading 12/8/2015
Oil prices remain near their lowest level in seven years in Asian trading
12/8/2015 0 Comments
Oil prices remained near their lowest level in seven years in Asian trading on Tuesday, with OPEC to continue pumping crude near record highs for the defense of its market share, which exacerbate the glut caused by hundreds of thousands of barrels produced each day and can not find an application. And it landed the American Brent crude contracts for more than 6 percent in the previous session to hit its lowest level this year and approaching the levels seen during the global credit crisis in 2009/2008. If retreated from those levels is expected to decline towards levels not seen since early 2000 continues. By 0505 GMT, US crude futures were trading closer to maturity at $ 37.72 a barrel, 7 cents for the high level of settlement in the previous session, but close to the lowest level in seven years, recorded on Monday. And contracts for Brent crude rose 21 cents to $ 40.94 a barrel, but also remains close to its lowest level in seven years, which tumbled in the previous session. Said Sanjiv Shah, chief investment managers Foundation Sun Global Investments' decision to the members of OPEC to keep oil production at record highs ... it indicates that the organization actually give up its long-term strategy to restrict the production and working as a union monopoly producers, which lead to further pressure on oil prices in the term Short. " On the demand side markets have been adversely affected markings on the economic weakness in China after data showed that exports second-largest economy in the world fell 3.7 percent on an annual basis in November, while imports fell 5.6 percent.