On Wednesday, Brent crude broke $US64 a barrel while WTI crude broke $US61 for the first time since 2009.
Both benchmark oil indexes were down more than 4%.
Brent got as low as $US63.72. WTI got as low as $US60.55.
Here’s the WTI chart from Wednesday, with the latest plunge coming after the US Energy Information Administration’s latest weekly status report.
It showed that weekly crude stocks were up 1.45 million barrels, against expectations for stocks to drop by 2.2 million barrels.
In short, there was an increase in stockpiled crude inventory last week.
WTI, the US benchmark oil price, was down over 5%.
And as you can see in the chart below, WTI briefly cracked the $US61-a-barrel mark.
And each day that oil drops, the yearly chart of WTI gets more staggering.
US stocks were also falling on Wednesday amid oil’s decline, with the Dow losing more than 100 points.
This morning, Reuters reported that the falling oil prices have started to affect US domestic production, with the US Energy Information Administration (EIA) cutting its forecasted growth by 100,000 barrels per day, a move linked to generally weaker oil demand.
In its latest report released Wednesday, OPEC also reduced its global demand forecast to 28.9 million barrels per day, the lowest since 2002.
Increased US production and decreased demand have been cited as the culprits for crude’s rapid decline over the last several months.
Both WTI and Brent crude are down more than 35% from their June highs, putting them firmly in bear-market territory.
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