Crude oil prices continued to collapse Friday, accelerating sharply lower on concerns about China and the global supply glut.
February oil settled at $29.42/bbl on Nymex, lowest since November 2003. It was one of the worst daily losses of the recent downturn in oil prices.
Prices were down 11 percent this week, having plunged from above $65 last summer.
Iran’s oil is coming back to market after years of sanctions, just as Saudi Arabia is having a price war with non-OPEC competitors in order to preserve market share.
Retail sales in the US slipped 0.1 percent in December, according to a report released by the Commerce Department this morning.
The material has been provided by InstaForex Company – www.instaforex.com