Reuters Analyst Predicts WTI At $36.74 & Brent At $41.99 » Fx Empire Network

Reuters Analyst Predicts WTI At $36.74 & Brent At $41.99 » Fx Empire Network:



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Oil prices continued to dominate the headlines and are the main topic of all financial investors and analysts. While consumers reap the benefits of the ongoing price war it is beginning to stress OPEC member relationships as well as investors as they move to risk off trading. Crude oil is well below the $50 level trading at 47.89 a price not seen since 2006 while Brent oil slowly eases below the $50 level, trading this morning at 50.88.



WTI oil prices dropped all week falling lower yesterday by 2.62 percent as rout continues on global supply glut. Oil prices sank to fresh 5-1/2- year lows on Tuesday, extending losses after a 5 percent plunge in the previous session as worries over a global supply glut intensified. Brent crude fell by 3 percent to below $52 a barrel as cuts to monthly oil selling prices for European buyers by top OPEC producer Saudi Arabia heightened worries about oversupply.



Investors are reportedly worried that the combination of an excessive supply of oil globally in conjunction with a weak demand — China and some European nations have slowed their once insatiable demand for the liquid gold — could result in a further decrease in prices, according to the BBC. It has also reportedly led to sharp declines in consumer shares of world’s leading energy firms (BP, Exxon Mobil, etc.) over the course of the past few months."



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