Brent and US Crude Oil Futures hit their fresh 6 1/2 year lows on Monday August 24,2015 as investors continue to worry about weak demand as China's economy slows amid a global supply surplus.
Brent oil lost 44 cents at $45.02 a barrel as of 0125 GMT after hitting its intraday low of $45.00 earlier the day. That's the lowest since $42.59 marked in March of 2009. On Friday it ended $1.16, or 2.5 per cent, lower at $45.46 a barrel.
US October crude also had dropped 60 cents to $39.85 a barrel, after hitting $39.71 a barrel or the lowest since $39.44 in March of 2009
In the previous session it settled 87 cents, or 2.1 per cent, lower at $40.45 a barrel.
Iran's oil minister Bijan Zanganeh said on Sunday August 23,2015 that holding an emergency OPEC meeting may be "effective" in stabilising the oil price, Iran's oil ministry news agency Shana reported. There was a similar call by Algeria earlier this month, which other OPEC delegates said no meeting was planned.
"Latest oil pricing pressure appears more financial than physical. While oil fundamentals aren't strong, physical markets do not corroborate the substantial weakness in flat price," Morgan Stanley said
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