Crude oil hits new lows, down more than 6%

FXStreet (Córdoba) – Crude oil prices resumed the decline during the American session and reached fresh multi-year lows. The WTI future (Feb) dropped to $26.20 and then bounced to the upside as stocks in the US moved off session lows.

The barrel was trading at $26.65, down more than 6%. Since the beginning of the year it has fallen more than 25%.

Oil traders await the US oil inventory report from the private group American Petroleum Institute (API) and tomorrow’s inventory data from the Energy Information Agency (EIA).

Gold in the opposite direction

Correlation between gold and crude oil has become negative. While the barrel plummeted the ounce of gold was up 1.5%. The yellow metal reached the highest level in two weeks at $1109.

Crude oil prices resumed the decline during the American session and reached fresh multi-year lows. The WTI future (Feb) dropped to $26.20 and then bounced to the upside as stocks in the US moved off session lows.

(Market News Provided by FXstreet)