Oil prices slipped toward nearly six-year lows Tuesday after OPEC
officials underscored the cartel`s resolve to not cut output despite a
supply glut and plunging prices.
US benchmark West Texas Intermediate for February fell 18 cents to settle at $45.89 a barrel on the New York Mercantile Exchange, its lowest close since March 11, 2009, when it finished at $42.33. The contract had traded below $45 early in the session.
In London, Brent crude for February delivery, the international benchmark futures contract, finished at $46.59 a barrel, down 84 cents from Monday, when it closed below $50 for the first time since April 2009
Global oil prices have slumped by almost 60 percent since June as the market faces abundant supplies, demand fears and a strong dollar in a stuttering global economy.
The slide accelerated in November when the Organization of the Petroleum Exporting Countries, which provides about 30 percent of global supplies, kept its production ceiling at 30 million barrels per day.
US benchmark West Texas Intermediate for February fell 18 cents to settle at $45.89 a barrel on the New York Mercantile Exchange, its lowest close since March 11, 2009, when it finished at $42.33. The contract had traded below $45 early in the session.
In London, Brent crude for February delivery, the international benchmark futures contract, finished at $46.59 a barrel, down 84 cents from Monday, when it closed below $50 for the first time since April 2009
Global oil prices have slumped by almost 60 percent since June as the market faces abundant supplies, demand fears and a strong dollar in a stuttering global economy.
The slide accelerated in November when the Organization of the Petroleum Exporting Countries, which provides about 30 percent of global supplies, kept its production ceiling at 30 million barrels per day.
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