Oil falls to the lowest since 2009 on record stockpiles

Source: Bloomberg
© Scanpix/AFP
Oil dropped to the lowest since 2009 due to speculation that US crude inventories will remain at the highest level in 30 years. US futures for the commodity declined 1.7%, while stockpiles are expected to stay at 387.2 million barrels for the week ended December 26. Black Gold slid 46% for the past year, close to its largest annual decline since 2008 as OPEC refused to cut output, being confident that economic growth will boost demand for oil in the future.


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