Crude oil prices were near recent 6-year lows Thursday morning amid evidence that U.S inventories continue to build.
“At 490.7 million barrels, U.S. crude oil inventories remain near levels not seen for this time of the year in at least 80 years,” said the Energy Information Administration yesterday.
The Federal Reserve hiked interest rates on Wednesday, generating concerns about the global reaction to tighter borrowing costs in the US.
Light, sweet crude futures for delivery in January traded at $35.25 a barrel, down 30 cents, or 0.8 percent.
Crude oil is at the lowest since early 2009, and on the verge of levels not seen since 2004.
The material has been provided by InstaForex Company – www.instaforex.com