Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
US benchmark West Texas Intermediate (WTI) for January delivery dipped $1.49 in midday Asian trading to $64.66, its lowest intraday level since July 2009/FILE

Top Story

Oil prices hit multi-year lows as OPEC decision weighs

US benchmark West Texas Intermediate (WTI) for January delivery dipped $1.49 in midday Asian trading to $64.66, its lowest intraday level since July 2009/FILE

US benchmark West Texas Intermediate (WTI) for January delivery dipped $1.49 in midday Asian trading to $64.66, its lowest intraday level since July 2009/FILE

SINGAPORE, Dec 1 – Oil tumbled to new multi-year lows in Asia on Monday, extending a sharp sell-off last week that came in response to OPEC’s decision to maintain crude output despite a supply glut and plunging prices.

US benchmark West Texas Intermediate (WTI) for January delivery dipped $1.49 in midday Asian trading to $64.66, its lowest intraday level since July 2009.

Brent crude for January sank $1.64 to $68.51, to stay below the psychologically important $70 level. It had touched $67.90 earlier Monday, its lowest since February 2010.

“Negative actions in the oil market are continuing today. Investors see crude as remaining vulnerable after last week’s OPEC announcement,” Michael McCarthy, chief market strategist at CMC Markets in Sydney, told AFP.

“We have not yet seen any piece of news or development that could trigger a bottoming out phase in oil prices,” he added.

The unabated price plunge comes after the 12-nation Organization of Petroleum Exporting Countries (OPEC) opted Thursday to keep its collective output ceiling at 30 million barrels per day, where it has stood for three years.

OPEC ignored calls for a cut that have grown as an oversupply and weak demand have wiped more than a third off prices since June, with analysts warning of further falls to come.

“OPEC’s decision leaves demand and supply rebalancing to the market,” banking group ANZ said in a market commentary.

Pages: 1 2

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...