RECENT ENERGY PRICE DEVELOPMENTS

摘要

The price of oil continued its collapse into January as rising supplies collided with weak demand growth and OPEC maintained its commitment to not cut production. Brent crude futures traded at 48.40 USD/bbl, near a six-year low. NYMEX WTI (West Texas Intermediate) was at 47.75 USD/bbl. Spot crude oil prices were pressured by surging supply from Iraq, which had hoisted December output to a 35-year high, as well as an increase in exports from Russia. Top exporter Saudi Arabia in early January made sharp cuts to its monthly formula prices to Europe in response to falling benchmark crude prices and a surge in sour oil supply.