Consistently dropping: Oil dives to five-year low

LONDON: Global oil prices spiralled lower on Monday to strike new five-year lows as traders fretted over gloomy data, demand worries and plentiful crude supplies. In early afternoon London deals, Brent North Sea crude for delivery in February sank to $54.44 per barrel, hitting the lowest level since May 2009. US benchmark West Texas Intermediate for February sank to a similar low at $51.16. “Oil endured brand new five-year lows,” said analyst Connor Campbell at trading firm Spreadex. “The commodity has continued to shed points in the New Year, prompted by a cavalcade of bad manufacturing figures across the globe last week. The black stuff is still looking abandoned and lost as 2015’s trading begins in earnest, and continues to be a stain on the worldwide markets.” Traders, meanwhile, awaited fresh leads from top crude consumer the United States, while analysts warned that further losses are likely.

Published in The Express Tribune, January 6^th,  2015.

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