Crude oil prices approach 20% fall since beginning of the year
Crude oil prices continued a relentless dive early on Tuesday approaching a 20 percent drop since the beginning of the year as analysts scrambled to cut their 2016 oil price forecasts and traders bet on further price falls.
U.S. crude West Texas Intermediate (WTI) were trading at $31.15 per barrel at 0139 GMT on Tuesday, down 26 cents from their last settlement and almost 19 percent lower than at the beginning of the year. WTI has shed over 70 percent in value since the downturn began in mid-2014.
Brent crude futures fell 20 cents to $31.35 a barrel, their lowest since April 2004. Brent has fallen nearly 20 percent in January and, like WTI, has declined on every day of trading so far this year.
Crude oil prices continued a relentless dive early on Tuesday approaching a 20 percent drop since the beginning of the year as analysts scrambled to cut their 2016 oil price forecasts and traders bet on further price falls.
U.S. crude West Texas Intermediate (WTI) were trading at $31.15 per barrel at 0139 GMT on Tuesday, down 26 cents from their last settlement and almost 19 percent lower than at the beginning of the year. WTI has shed over 70 percent in value since the downturn began in mid-2014.
Brent crude futures fell 20 cents to $31.35 a barrel, their lowest since April 2004. Brent has fallen nearly 20 percent in January and, like WTI, has declined on every day of trading so far this year.
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