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LONDON: World oil prices sank by about one dollar on Tuesday, as supply glut woes grew on the back of rising output from Iran and Iraq.
At about 1615 GMT, US benchmark West Texas Intermediate (WTI) for delivery in June lost $1.35 to $43.43 per barrel.
Brent North Sea crude for July delivery shed 95 cents to $44.88 a barrel compared with Monday’s close.
“This may be a dreaded month for the equity market investors ... but crude oil is having an equally frightening start too,” said City Index analyst Fawad Razaqzada.
“Oil prices have also been absorbing a lot of negative news lately — and completely ignoring the fact the markets remain oversupplied with US crude oil inventories being at record-high levels.
Published in Dawn, May 4th, 2016
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Comments (3) Closed
May 04, 2016 07:10am
Just multiplying the covert selling spree,it will make a lower touch of say US$ 35/barrel, by next week.
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May 04, 2016 10:30am
Good for petrol prices at the pumps around the world.
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May 04, 2016 02:46pm
Oil producers should redouble their efforts for adjustment in the post fossil fuel era like the Saudis.
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