Brent Crude Extends Biggest One-Day Plunge Since ’11 on Glut - Bloomberg

Brent Crude Extends Biggest One-Day Plunge Since ’11 on Glut - Bloomberg:



"Brent crude extended its biggest one-day collapse in four years amid speculation OPEC will refrain from eliminating a glut while demand growth slows to its lowest since 2009.



Brent slumped as much as 2 percent to $83.37 a barrel on the ICE Futures Europe exchange in London. Yesterday it plunged 4.3 percent, the biggest one-day drop since September 2011. Global oil demand will rise by 650,000 barrels a day this year, the Paris-based agency said in its monthly report yesterday. That’s a reduction of 250,000 from a prior projection.



“The market is currently in a state of panic as no one is prepared to put a hand under it,” Ole Sloth Hansen, an analyst at Saxo Bank A/S in Copenhagen, said by e-mail."



'via Blog this'