Crude tumbled the most
in five months in London as price volatility climbed to a seven-year
high and Goldman Sachs Group Inc. warned of wider swings to come.
Brent futures fell 7.8
percent as global equities neared a bear market. Volatility is set to
“spike” as prices seek an equilibrium, which could drag oil below $20 a
barrel, Goldman Sachs said. The CBOE Crude Oil Volatility Index, which
measures expectations of price swings, rose as high as 73.52, almost the
highest since 2009. The world oil surplus will be bigger in the first
half of this year than previously estimated, according to the
International Energy Agency.
Oil is down about 25
percent in New York this year on speculation a global glut will persist
amid the outlook for increased exports from Iran after the removal of
sanctions and brimming U.S. crude supplies. Futures dropped to a 12-year
low of $26.19 in January. U.S. crude inventories rose above 500 million
barrels to the highest since 1930 in the week ended Jan. 29.
Brent for April
settlement dropped $2.56 to $30.32 a barrel on the London-based ICE
Futures Europe exchange. It was the biggest decline since Sept. 1. The
European benchmark crude closed at a 58-cent premium to West Texas
Intermediate oil for April delivery.
WTI for March delivery
slipped $1.75 to settle at $27.94 a barrel on the New York Mercantile
Exchange. It was the lowest close since Jan. 20. Total volume traded was
58 percent higher than the 100-day average.
Source : Bloomberg
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