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Oil rout takes Brent to near six-year low
Crude oil approached six-year lows on Tuesday after a leading Opec producer said the cartel would not change its strategy, adding that a rebound in prices was unlikely.
Brent crude, the international benchmark, and West Texas Intermediate have fallen almost 60 per cent since the middle of June to levels last seen in early 2009. ICE February Brent fell as far as $45.23 before recovering to trade down $2.04 at $45.39 a barrel, while Nymex February West Texas Intermediate declined $1.57 to $44.50.
...
“The strategy will not change?.?.?.” he said. “We are telling market and other producers that they need to be rational and like Opec, they need to look at growth in the international market for oil and need to cater that additional production to that growth.”
http://www.ft.com/cms/s/0/c677d280-9af7-11e4-882d-00144feabdc0.html#axzz3Oh1D1lSL
Brent crude, the international benchmark, and West Texas Intermediate have fallen almost 60 per cent since the middle of June to levels last seen in early 2009. ICE February Brent fell as far as $45.23 before recovering to trade down $2.04 at $45.39 a barrel, while Nymex February West Texas Intermediate declined $1.57 to $44.50.
...
“The strategy will not change?.?.?.” he said. “We are telling market and other producers that they need to be rational and like Opec, they need to look at growth in the international market for oil and need to cater that additional production to that growth.”
http://www.ft.com/cms/s/0/c677d280-9af7-11e4-882d-00144feabdc0.html#axzz3Oh1D1lSL
