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NYMEX breaks below $60/barrel, Brent continues to decline

by ChemOrbis Editorial Team -
  • 12/12/2014 (14:13)
NYMEX January crude futures settled below the $60/barrel threshold on December 11, hitting the lowest level since May 2009 on a weekly average basis while Brent oil closed below $65/barrel, hitting the lowest level since July 13, 2009, according to ChemOrbis Price Wizard.

NYMEX January crude was down 99 cents to settle at $59.95/barrel on Thursday while Brent crude on the ICE Futures Europe exchange for January decreased 56 cents to settle at $63.68/barrel.

Meanwhile, the International Energy Agency (IEA) cut their global oil demand forecast for the fourth time in five months on Friday. The agency lowered its demand forecast for 2015 by 900,000 barrels per day (bpd) to 93.3 million bpd due to steep declines in crude oil prices, which will hurt the economies of oil exporting countries, especially in Russia, which is also suffering from Western sanctions.

The IEA also stated it revised its forecasts for oil production needed from OPEC for 2015 down by 300,000 bpd to 28.9 million bpd.
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