Crude oil prices were still weak as a slowing demand outlook indicated oversupply will remain in place for months, pressing speculators to reduce bets on escalating prices.
US crude futures settled at $44.62 a barrel, while Brent closed at $47.98 a barrel.
According to Goldman Sachs, oil prices could slump sharply lower as refined product storage sites come close to filling, inducing a glut which has already seen oil prices drop by more than half since July 2014.
Investments in the oil and gas industry will likely decline further next year because of low oil prices “after sliding this year by more than a fifth,” said Fatih Birol, Executive Director of the International Energy Agency.
Swift Worldwide Resources projected over 200,000 jobs in the industry have been slashed worldwide since prices plunged last year.
The material has been provided by InstaForex Company – www.instaforex.com