Tuesday, January 12, 2016

Oil price down again on oversupply concerns

Oil prices have been volatile again, hit by continuing oversupply, the strong dollar and weak global demand.

Some members of the Opec group of oil producers are calling for an emergency meeting to discuss reducing output.

Opec president Emmanuel Ibe Kachikwu said an extraordinary meeting could be held in "early March".

On Tuesday, Brent Crude fell as low as $30.44 per barrel before recovering to $31.26 per barrel - still a 1% fall.

Meanwhile the US benchmark contract, West Texas Intermediate, was down 1.6% at $30.91 per barrel.

Oil prices have already fallen 20% since the start of the year and are close to levels not seen since 2003...


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