WTI dips to $60/barrel, Brent breaks below $65/barrel
Brent oil for January was down $2.60 to settle at $64.24/barrel on Wednesday, while NYMEX January crude futures declined $2.88 to settle at $60.94/barrel, with both settlements being the lowest seen since July 2009.
Since November 27, when OPEC decided to maintain its production target at 30 million barrels a day, crude oil prices have fallen significantly and posted the biggest daily loss in more than three years immediately following OPEC’s decision. On December 11, OPEC cut its demand forecast for 2015 by around 300,000 barrels a day to a 12-year low of around 28.9 million barrels/day, citing slower demand and excess supply.
Meanwhile, according to ChemOrbis Price Wizard, global spot naphtha prices have hit their lowest levels since the second half of 2009 on a weekly average basis. Spot naphtha prices in Asia slumped $60-65/ton week over week to be currently quoted at around $545/ton CFR Japan. In Europe, meanwhile, spot naphtha prices were down $65-70/ton week over week to reach approximately $490/ton CIF NWE.
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