U.S. crude oil fell to an almost 6-1/2 year low of 41.35 dollars a barrel, today, before recovering to 42.13 dollars a barrel, down 10 cents on the day. US crude fell as huge stockpiles and refinery shutdowns heightened concerns about global oversupply, and amid worries about the Chinese economy. Brent crude was flat, at 49.21 dollars a barrel, some way off its January 2015 low of 45.19 dollars a barrel. The USA's largest refinery BP's 413,500-barrels-per-day facility has shut two-thirds of its capacity for repairs that could last a month or more. Analysts said the lowest crude prices in six years might not be enough to put the brakes on the U.S. supply growth as U.S. shale players were cutting costs and some players were profitable at less than 30 dollars per barrel.
News On AIR | August 14, 2015 6:01 PM
US oil prices fall to fresh six-year low