Michael McCarthy

Oil prices struggle after WTI sinks below $60

Singapore - Oil prices sank further in Asia on Friday, with analysts warning of little respite from the the selling after plunging more than 40 percent since June.

US benchmark West Texas Intermediate (WTI) for January deliver was down 86 cents at USD 59.09 in mid-morning trade. The contract closed below the psychological USD 60 mark for the first time since July 2009 yesterday. Brent crude was down 52 cents at USD 63.16.

"There just doesn't seem to be any relief for oil prices at the moment," Michael McCarthy, chief market strategist at CMC Markets in Sydney, told AFP.

Syndicate content