Crude oil prices continued their downward spiral Friday morning, plunging to fresh 7-year lows amid a stronger dollar and global supply glut.
There are few indications that OPEC will try to put a floor under prices by cutting production anytime soon.
Analysts say big producers like Saudi Arabia are comfortable with oil going even lower as they drive out non-OPEC competition. At the same time, Iran wants to reassert itself as a global supplier upon the end of sanctions on its oil.
WIT crude oil down WTI was trading down 48 cents, or 1.3%, at $36.29 a barrel, the lowest since February 2009.
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