Price of crude oil drops further in the world market

Price of crude oil drops further in the world market

Price of crude oil drops further in the world market

Written by Ramesh Irugalbandara

11 Jan, 2016 | 7:43 pm

The price of crude oil dropped further by over 2 percent in the world market on Monday, Jan. 11, 2016.

The reason for the fall is because oil market speculators had increased their net-short positions, which would profit from prices falling lower.

A barrel of Brent Crude oil was pegged at 32.62 dollars in the world market as today’s decline adds to last week’s more-than-10-percent drop in both Brent and WTI prices to begin the year.

According to analysts, one of the main reasons for lower oil and commodity prices were China’s slowdown that witnessed a slide in the Yuan and two emergency suspensions in stock last week. They added that oil prices could hit as low as $20 a barrel, as oil prices have fallen over 70 percent since the downturn began in mid-2014.

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