Brent crude and West Texas Intermediate fell for a third day, extending the slump hitting new 5 ½ year lows as the global glut continues in 2015 and a low global demand weighs amid record output from Iraq and Russia.
Both major brands lost more than 50% of their value since mid-2014 but the OPEC, responsible for 40% of worldwide oil-production, decided to leave output-rates unchanged around 30 million barrels a day. Disappointing data from the United States on Friday further fuelled fears about a sowing global economy and a decline in demand. The weak euro, making the dollar-nominated commodity more expensive for holders of other currencies, put further pressure on oil.
Brent Crude lost -2.04%, currently trading at USD55.27 a barrel. West Texas Intermediate declined by -2.11% currently quoted at USD51.58.