Crude oil futures tumbled for fifth straight day Thursday, plunging to the lowest since February 2009 amid a global supply glut.
Even with storage facilities filled to the brim, OPEC says it will maintain production levels, ostensibly to cripple non-OPEC competitors.
January oil settled at $36.76/bbl on Nymex, down 40 cents, or 1.1%.
In economic news, initial claims for state unemployment benefits increased 13,000 to a seasonally adjusted 282,000 for the week ended Dec. 5, the highest level since early July, the Labor Department said.
The material has been provided by InstaForex Company – www.instaforex.com