July 23, 2015
Oil prices fall further
OIL prices fell further yesterday a day after US benchmark crude tumbled below US$50 a barrel for the first time since April as bloated US inventories and the prospect of increased Iranian crude shipments fueled concerns about swelling supplies even as demand is waning.
“We’ve had a lot of supply,” says Tom Kloza, global head of energy analysis for the Oil Price Information Service. “Now the worry is that demand is going lower.”
West Texas crude for September delivery fell 67 cents, or 1.4 per cent, to US$48.53 a barrel after dropping 2.3 per cent on Wednesday. That’s down about 20 per cent from a recent peak of $61.01 in late June.
— USA Today
