Crude oil prices further collapsed Tuesday, plunging to 12-year lows amid indications there is no longer space at storage facilities to put excess supplies.
US stockpiles are near record highs, OPEC keeps pumping oil and Iran is promising it will boost output as sanctions are lifted.
Feb. WTI oil settles at $28.46/bbl on Nymex, down 96 cents, or 3.3% — the lowest since 2003.
Fears about demand from China are also hitting crude oil prices.
China’s government said the nation’s economic growth rate eased to 6.8% for the fourth quarter and 6.9% for 2015.
Beijing is expected to offer stimulus as the economic growth was the slowest in many years.
The material has been provided by InstaForex Company – www.instaforex.com