Oil
neared the lowest level since February 2009 as U.S. crude inventories
surged and the Federal Reserve raised interest rates for the first time
in almost a decade.
Futures
fell as much as 2.5 percent in New York after Wednesday’s 4.9 percent
decline. U.S. stockpiles climbed to 490.7 million barrels last week, the
highest level for this time of year since 1930, the Energy Information
Administration reported yesterday. Goldman Sachs Group Inc. warned of
“high risks” that oil may fall even lower as supplies swell. The Fed’s
decision bolstered the dollar, diminishing the appeal of commodities
denominated in the U.S. currency.
Oil
is trading near levels last seen during the global financial crisis on
signs a record surplus will worsen. The Organization of Petroleum
Exporting Countries earlier this month effectively abandoned production
limits to defend market share, while the White House on Wednesday
announced its support for a deal reached by congressional leaders that
would end the nation’s 40-year restrictions on crude exports.
"
West Texas Intermediate for January delivery slipped 50 cents, or 1.4
percent, to $35.02 a barrel at 2:27 p.m. on the New York Mercantile
Exchange. Prices have dropped 35 percent this year and are heading for a
second annual decline.
Brent
for February delivery sank 25 cents, or 0.7 percent, to $37.14 a barrel
on the London-based ICE Futures Europe exchange. The January contract
expired Wednesday after decreasing to $37.19, the lowest close since
December 2008.
Source : Bloomberg
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