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Continuing collapse of oil prices in global markets
14/01/2015 09:36 GMT
(Reuters) - Oil prices continued to decline more than one percent on Wednesday, after touching its lowest level in nearly six years during the previous session, extending losses amid widespread selling in other commodities. And hit commodity pressure after the World Bank cut its forecast for global growth, thereby strengthening the fears of weak economic performance in the future at a time when oil markets are suffering from oversupply.
Said Michael McCarthy, senior analyst at CMC Markets in Sydney. "There is a clear deterioration in sentiment towards industrial goods and I think that this might spread to oil today." The decline in the price of Brent crude for February 49 delivery cents to $ 46.10 a barrel, while raw log West Texas Intermediate to $ 45.38, down 52 cents.
Hui and copper to its lowest level in five and a half years and struggled gold to remain above the highest price in 12 weeks in transactions today. McCarthy said: "It is usual to fall so-called safe havens assets with the decline in industrial goods," he said, adding that investors may sell those betting on the launch of a new incentive program from the European Central Bank assets.
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14/01/2015 09:36 GMT
(Reuters) - Oil prices continued to decline more than one percent on Wednesday, after touching its lowest level in nearly six years during the previous session, extending losses amid widespread selling in other commodities. And hit commodity pressure after the World Bank cut its forecast for global growth, thereby strengthening the fears of weak economic performance in the future at a time when oil markets are suffering from oversupply.
Said Michael McCarthy, senior analyst at CMC Markets in Sydney. "There is a clear deterioration in sentiment towards industrial goods and I think that this might spread to oil today." The decline in the price of Brent crude for February 49 delivery cents to $ 46.10 a barrel, while raw log West Texas Intermediate to $ 45.38, down 52 cents.
Hui and copper to its lowest level in five and a half years and struggled gold to remain above the highest price in 12 weeks in transactions today. McCarthy said: "It is usual to fall so-called safe havens assets with the decline in industrial goods," he said, adding that investors may sell those betting on the launch of a new incentive program from the European Central Bank assets.
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