U.S. oil futures fell
under $32 a barrel on Monday for the first time since December 2003,
with concerns over an economic slowdown in China and expectations that
oil from Iran will soon hit the market setting prices up for a sixth
straight session decline.
February West Texas
Intermediate crude shed $1.51, or 4.5%, to $31.65 a barrel on the New
York Mercantile Exchange, following a drop of more than 10% last week.
Prices on Nymex haven’t settled under $32 since December 2003, according
to FactSet data, tracking the most-active contracts.
February Brent crude, the global crude benchmark was $1.60, or 4.7%, at $31.95 a barrel on London’s ICE Futures exchange.
Source: MarketWatch
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