Oil dropped to a two-week low on speculation that a government report will show U.S. crude inventories climbed last week.
Futures
tumbled 2.1 percent in New York. Stockpiles probably rose the 13th time
in 15 weeks, keeping them more than 130 million barrels above the
five-year average, a Bloomberg survey showed. The American Petroleum
Institute will release its weekly data today while the Energy
Information Administration will report on Wednesday. Supplies at
Cushing, Oklahoma, the biggest U.S. storage hub, climbed to a record
last month, according to the EIA.
Oil
capped the biggest two-year loss on record in 2015 as the Organization
of Petroleum Exporting Countries effectively abandoned production limits
amid a global supply glut. Investors are assessing the impact of Saudi
Arabia’s move to cut ties with Iran, while also watching measures by
China to prevent the country’s financial-market volatility from weighing
on a slowing economy.
West
Texas Intermediate for February delivery fell 79 cents to settle at
$35.97 a barrel on the New York Mercantile Exchange. It was the lowest
close since Dec. 21. Prices slid 30 percent last year.
Brent
for February settlement declined 80 cents, or 2.1 percent, to $36.42 a
barrel on the London-based ICE Futures Europe exchange. The European
benchmark crude closed at 45 cent premium to WTI.
Source : Bloomberg
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