Crude oil futures dropped to their lowest in almost two weeks Thursday, extending Monday’s steep losses amid renewed concerns about the global supply glut.
Iran has given every indication that it will continue to flood the market with oil as it makes up for years of sanctions.
April WTI oil settled at $36.34/bbl on Nymex, down 84 cents, or 2.3%. Still prices are $10 from February’s 13-year low near $26.
In economic news, a report from the Commerce Department showing a modest drop in retail sales in February.
Retail sales edged down by 0.1 percent in February after falling by a revised 0.4 percent in January. Economists had expected sales to dip by 0.1 percent compared.
The material has been provided by InstaForex Company – www.instaforex.com