The price per barrel West Texas Intermediate oil (WTI) fell by 5.28% yesterday and closed at $ 31.41, at levels not seen in over twelve years. At the end of operations in the New York Mercantile Exchange, future contracts of WTI oil for February delivery fell $ 1.75 over the previous close.
Thus, the US reference oil continues in free fall and is at levels not seen since December 2003.
Oil prices in international markets continue to fall amid concerns about excess supply from producer countries. Traders also remain concerned about the difficulties faced by China, the largest energy consumer in the world along with the US and its impact on the oil demand.
Chinese stock exchanges yesterday sank again and the Shanghai Composite Index fell by 5.32%, during its third day with greater losses than 5% so far this year. Markets were also awaiting the political tensions between Saudi Arabia and Iran, two of the largest producers of the Organization of Petroleum Exporting Countries (OPEC).