31 Dec 2015
Oil on track to post 30% yearly loss
FXStreet (Córdoba) - Oil edged a tad lower during the last session of 2015 and is on track to post its second yearly loss in a row as global supply glut weighed on prices.
On the New York Mercantile Exchange, WTI futures for delivery in February fell 0.25%, to $36.50 a barrel, leaving the benchmark on track for a yearly loss of more than 30%. WTI remains near multi-year low of $35.35 a barrel scored earlier this month.
Meanwhile, Brent futures edged 0.4% higher on Thursday to $36.38 a barrel, but were set to post a 36% decline in 2015 and near an 11-year low of $35.98.
Oil futures have lost around 70% from their mid-2014 peak as OPEC keeps production elevated in order to maintain its market share after the US shale oil boom.
On the New York Mercantile Exchange, WTI futures for delivery in February fell 0.25%, to $36.50 a barrel, leaving the benchmark on track for a yearly loss of more than 30%. WTI remains near multi-year low of $35.35 a barrel scored earlier this month.
Meanwhile, Brent futures edged 0.4% higher on Thursday to $36.38 a barrel, but were set to post a 36% decline in 2015 and near an 11-year low of $35.98.
Oil futures have lost around 70% from their mid-2014 peak as OPEC keeps production elevated in order to maintain its market share after the US shale oil boom.