Oil to its lowest level in five years

Oil to its lowest level in five years


BAGHDAD / Obelisk: Futures US oil fell more than a dollar during Asian trading to a new low in the five and a half years extended its losses level with continued worries about oversupply and expectations of weak demand.

And decreased US light crude for January delivery in January of $ 1.1 to $ 58.85 a barrel, the lowest level since July 2009 before recovering slightly to $ 59.07 by 0115 GMT.

Amounted to US oil losses of more than 10 percent this week and is heading to a third weekly decline recorded.

Fell European Brent crude contracts for 68 cents to $ 63.00 a barrel, also its lowest level in five and a half years before rising slightly to $ 63.10.

Brent has lost about half its value since June, when it reached $ 115 a barrel. And fell about 8 percent this week.

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