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.

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.

(Market News Provided by FXstreet)