Barrel price of oil drops at $ 57.81

lOil prices in New York again fell hard on Friday December 12, to a minimum of five and a half years after a cut demand forecasts by the International Energy Agency (IEA).

A barrel of “light sweet crude” (WTI, the benchmark crude for Ecuador) for January delivery fell at $ 2.14 on the New York Mercantile Exchange (Nymex) at $ 57.81, its lowest closing level since May 2009.

“Clearly, the new price drop is linked to the IEA report,” said Phil Flynn of Price Futures Group. “To this scenario that pushes prices down is added an already very difficult period for the global oil market” he added.