WTI Crude Near Two-Year Low on Glut; Brent Little
Post# of 63700
Posted On: 10/15/2014 10:26:17 AM
WTI Crude Near Two-Year Low on Glut; Brent Little Changed
West Texas Intermediate crude traded near the lowest level in more than two years as rising U.S. production increased supplies. Brent was little changed.
Both grades have collapsed into a bear market as shale supplies boost U.S. output to the most in almost 30 years and global demand growth weakens. The largest OPEC producers are responding by cutting prices, sparking speculation that they will compete for market share rather than reduce supply.
West Texas Intermediate crude traded near the lowest level in more than two years as rising U.S. production increased supplies. Brent was little changed.
Both grades have collapsed into a bear market as shale supplies boost U.S. output to the most in almost 30 years and global demand growth weakens. The largest OPEC producers are responding by cutting prices, sparking speculation that they will compete for market share rather than reduce supply.
(0)
(0)Scroll down for more posts ▼