Crude prices registered today a new drop to reach the lowest level of the last 11 years, before the excess in offer and the expanded fear of continuing abundant production. In the electronic Intercontinental Petroleum Exchange, the Brent crude started the session at the lowest level since July, 2004, selling at 36.12 dollars per barrel for February delivery.
Crude prices registered today a new drop to reach the lowest level of the last 11 years, before the excess in offer and the expanded fear of continuing abundant production. In the electronic Intercontinental Petroleum Exchange, the Brent crude started the session at the lowest level since July, 2004, selling at 36.12 dollars per barrel for February delivery.
The European reference crude started the journey with a loss of 57 cents of a dollar compared to the previous closing when the barrel reached 37.71 dollars.
In the New York futures market, the West Texas Intermediate for delivery in February, also started low with a fall of 31 cents to put the barrel in 34.42 dollars.
According to the Organization of Petroleum Exporting Countries (OPEC), its crudes basket closed on Friday at 31.63 dollars, for an increase of 14 cents of one dollar compared to Thursday closing, but the figure represents one of the most depressed levels of the last years.
On its part, the International Energy Agency estimated oil exports from Iran could increase offer by 500 thousand barrels per day in six to 12 months, once sanctions are lifted on the country, which would add new tensions from the fall in fuel prices.
According to sector's estimates, the value of quotations accumulate a collapse of about 60 percent since the middle of 2014 until now.