FXStreet (Córdoba) – Oil prices resumed the fall on Monday following an impressive rally last week, triggered by an unexpected drop in US inventories.
WTI futures rose nearly 10% last week and recovered from multi-year lows but upside momentum stalled on Monday amid concerns over global supply glut, which keep the benchmark down by more than 30% for the year.
US crude futures for delivery in February fell below $37.00 a barrel to a low of $36.66 a barrel. It was last down 3.6% at $36.86/bbl. Meanwhile, Brent futures also fell more than 3% to a low of $36.56 on Monday.
(Market News Provided by FXstreet)