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Oil on track to post 30% yearly loss

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 31, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - Oil edged a tad lower during the last session of 2015 and is on track to post its second yearly loss in a row as global supply glut weighed on prices.

    On the New York Mercantile Exchange, WTI futures for delivery in February fell 0.25%, to $36.50 a barrel, leaving the benchmark on track for a yearly loss of more than 30%. WTI remains near multi-year low of $35.35 a barrel scored earlier this month.

    Meanwhile, Brent futures edged 0.4% higher on Thursday to $36.38 a barrel, but were set to post a 36% decline in 2015 and near an 11-year low of $35.98.

    Oil futures have lost around 70% from their mid-2014 peak as OPEC keeps production elevated in order to maintain its market share after the US shale oil boom.
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