The price of oil was positioned at its lowest level in five and a half years on Monday in New York, a market that has been hit by fears about the global supply of oil.
A barrel of “light sweet crude” (WTI) for February delivery fell USD 1.12 to 53.61 at the New York Mercantile Exchange (Nymex), its lowest closing level since early May of 2009.
After trying to stabilized since mid-December, the crude fell back to minimum levels in years earlier last week.
“It’s always the same reason, the expected surplus of oil in relation to the demand continues crushing prices,” said John Kilduff of Again Capital.
Investors “are prepared to clearly negative figures for prices, like last week,” said Bob Yawger, from Mizuho Securities.