Crude oil prices remained near the lowest since 2009 Tuesday, as the global supply glut offset escalating tensions between the Organization of Petroleum Exporting Countries’ top producers Iran and Saudi Arabia.
Feb. oil settled at $35.97/bbl on Nymex, down 79 cents, or 2.2%. Prices moved back toward 6-year year lows seen early in December.
Iranians have violently protested the execution of a popular cleric in Saudi Arabia.
The Saudis escalated a war of words today, with Adel al-Jubeir, the Saudi minister of foreign affairs, telling CNBC that “Iranians have got away with murder, literally, for more than 30 years.”
The American Petroleum Institute is set to release its crude oil inventories estimates for the final week of 2015 later today.
Official numbers from the Energy Information Administration are due Wednesday morning.
The material has been provided by InstaForex Company – www.instaforex.com