Crude sank the most in more than four months, dragging down shares of oil and gas producers to the lowest in almost seven years.
Futures
fell as much as 8 percent to the lowest since May 2003. Royal Dutch
Shell Plc, the first global major oil company to report fourth-quarter
earnings, said Wednesday it expects profit to drop at least 42 percent.
Markets could “drown in oversupply,” sending prices even lower as oil
demand growth slows and Iran boosts exports, the International Energy
Agency said Tuesday.
West
Texas Intermediate for February delivery, which expires Wednesday, fell
$2.20 to $26.26 a barrel at 1:37 p.m. on the New York Mercantile
Exchange. The more-active March future slid $1.76 to $27.81. Total
volume traded was 38 percent higher than the 100-day average.
Brent
for March settlement slipped $1.33, or 4.6 percent, to $27.43 a barrel
on the London-based ICE Futures Europe exchange. The contract traded at a
41-cent discount to WTI for the same month.
Source: Bloomberg
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