Oil regains $35.00 after posting fresh cycle lows

FXStreet (Córdoba) – Oil prices extended the slide on Monday, with WTI falling below $35.00 a barrel for first time in nearly 7 years.

Crude prices continue to feel the pressure from supply glut concerns after the Organization of the Petroleum Exporting Countries (OPEC) refrained from cutting output quotas. Both WTI and Brent have fallen every day since the OPEC meeting on Dec 4, shedding more than 12% each ever since.

WTI dropped to a low of $34.53 a barrel but managed to regain the $35.00 level afterward to trade almost 2% down at $35.23. WTI financial crisis low was set at $32.40 in December 2008.

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Oil prices extended the slide on Monday, with WTI falling below $35.00 a barrel for first time in nearly 7 years.

(Market News Provided by FXstreet)