Oil regains $35.00 after posting fresh cycle lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    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 1% down at $35.23. WTI financial crisis low was set at $32.40 in December 2008.

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