Crude oil prices accelerated lower on Wednesday as a blizzard of bearish signals sent traders fleeing toward safer assets.
Markets are reacting to the rout in global equities, weak demand from China, and expectations that oil inventories will continue to mount.
On the final day of the February contract, Feb. WTI oil settled at $26.55/bbl on Nymex, down $1.91, or 6.7%.
Prices have been in free fall since last summer, when crude oil was hovering above $60.
Dismal US economic data contributed to today’s collapse.
The U.S. Department of Labor reported that its consumer price index, a key gauge of retail inflation, slipped 0.1 percent for December.
The material has been provided by InstaForex Company – www.instaforex.com