U.S. crude oil down for 6th day, key futures poised to go below $30
crude oil fell for the sixth straight day Monday on the
market, with the key futures price temporarily hitting $30.88
per barrel, its lowest level since December 2003.
The price was poised to sink below the threshold $30 mark amid expectations of a further slowing in
The bellwether February delivery of West Texas Intermediate crude oil ended at $31.41 per barrel, down $1.75 from Friday, on the New York Mercantile Exchange.
The sharp fall of oil prices is normally good news for households as it leads to cheaper gasoline and energy costs. But it has become the major contributor to recent market turbulence including global setbacks in stock prices, as investors sell off higher-risk assets due to uncertainties over the impact of lower oil prices on corporate earnings.
The benchmark contract of Brent crude oil futures also dropped to the $31 level on the same day. The price fall is likely to accelerate further as dampened market sentiment ripples globally.
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Source: Equities.com News
(January 11, 2016 - 3:06 PM EST)
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