Crude oil futures fell Tuesday, extending recent losses as Barclays predicted prices would continue to drop.
May WTI oil was down $1.11, or 2.8%, to settle at $38.28/bbl on Nymex. It was the lowest closing price in two weeks.
Barclays have warned of a “rush for the exits” as investors back away from commodities.
“This could make commodities vulnerable to a wave of investor liquidation that we estimate could, in a worst case scenario, knock as much as 20-25% from current price levels,” analysts said.
The material has been provided by InstaForex Company – www.instaforex.com