Strong oil production pushing prices down

Source: Bloomberg
Oil prices continued to decrease since US crude production advanced, strengthening the fears that global supply excess may resume. Futures tumbled 1.8% while the output soared to 9.19 million barrels a day, showing the fastest growth since January 1983. Crude price may drop below the forecasts of $39 per barrel. Meanwhile, Oil slipped almost 50% last year, for the first time since the crisis in 2008. 
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Thu, 15 Jan 2015 14:24:07 GMT

Wall Street predicts Oil to reach $40

The US gauge crude price dropped below $45 and almost $60 since June 2014. According to Goldman Sachs Group Inc. the West Texas Intermediate should control the price near $40 during the first month of 2015 to curb investments in new reserves that could provoke the surplus. Meanwhile, prices could decline further, checking whether the US shale drillers could continue

Wed, 14 Jan 2015 16:04:05 GMT

Oil drops close to a six-year low amid concerns over global growth

On Wednesday oil futures hit a nearly six-year low amid concerns over the worsening situation of the supply glut. Futures for February slid 65 cents to $45.25 per barrel, compared to a day earlier, when futures hit a six-year low of $44.20. Brent crude dropped by almost 60% since summer and global growth is now expected at a lower level

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