How About That Erl?
March 17th, 2015Via: MarketWatch:
U.S. oil prices were dipping lower in early Tuesday trade after sinking to a six-year low on persistent worries about a supply glut on Monday.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in April CLJ5, -1.78% traded at $42.85 a barrel, down $1.04, or 2.4%, from Monday’s settlement on the New York Mercantile Exchange.
May Brent crude LCOK5, -1.37% lost 84 cents, down 1.6%, to trade at $53.10 on London’s ICE Futures exchange.
The tumbling prices in oil come after both Brent and Nymex crude-oil suffered a more than 2% drop as a monthly report released by the Organization of the Petroleum Exporting Countries forecast a drop in U.S. output by the end of the year. However. that OPEC news was mostly shrugged off amid nagging signs of further supply increases and dwindling storage, which threatens to send prices lower yet.
