Article Image

IPFS News Link • Economy - International

Crude oil is sliding to new lows

• http://www.businessinsider.com, AKIN OYEDELE

On Thursday after, West Texas Intermediate crude futures fell nearly 3% to below $42 a barrel in New York.

As prices continue to get hammered on excess supply, the oil market got even more bad news on that front this week.

On Tuesday, the 12-member oil cartel OPEC reported that its output rose to a three-year high in July. Iran was one of the biggest producers, and the country is expected to boost its output for exports when economic sanctions are lifted.

In the US, the latest data from the Energy Information Administration released Wednesday showed that crude inventories fell by 1.68 million barrels last week, a smaller-than-expected decline. Stockpiles remain at the highest levels for this time of year in at least 80 years.


JonesPlantation