World News
Brent Falls Nearly 5% to Break Through the $50 Threshold
Monday August 3, 2015
Crude oil took a smashing today due to the plummeting Chinese stock market, this was coupled with continual crude oversupply in a heavily saturated market.
Brent contracts for September delivery fell nearly 5% breaking the $50.00 threshold that it has been hovering over for the past few months, by the end of the trading day the Ice market settled out at $49.52 per barrel.
WTI front month contracts for September softened by 4% to settle at $45.17 per barrel.
Bunkers were softer today across the board and we can imagine that speculators will be betting on a big draw in U.S inventory this week, but the question remains… will crude fall any lower ?