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CBC News reported that the price of oil dropped below US$41 per barrel on wednesday after recent figured showed a growing glut of crude. The US Energy Information Association commented that commercial inventories were up by 1.2 million barrels from the previous week. According to the news report: The West Texas Intermediate crude oil futures contract for January …
CBC News reported that the price of oil dropped below US$41 per barrel on wednesday after recent figured showed a growing glut of crude. The US Energy Information Association commented that commercial inventories were up by 1.2 million barrels from the previous week.
According to the news report:
The West Texas Intermediate crude oil futures contract for January delivery slumped 3.7 per cent to $40.31 US in early afternoon trading on the New York Mercantile Exchange.
The EIA commented:
U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years.