Crude oil price plunged below $30 a barrel Friday morning amid speculation that OPEC will continue pumping oil at a breakneck pace despite the global supply glut.
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.
Crude oil for February was down $1.83 a barrel at $29.38 a barrel, the lowest since 2003.
Prices have been heading lower since 2014, when oil futures were near $100.
The Commerce Department is due to release its retail sales report for December at 8:30 am ET.
The material has been provided by InstaForex Company – www.instaforex.com